One analyst known for predicting the bottom of cryptocurrencies believes that cryptocurrencies challenging the likes of Mimecoin Pepe (PEPE) and Solana (SOL) are gearing up for a breakout rally.
Anonymous analyst Blunts told his 273,500 followers on social media platform X that PEPE and Sei (SEI) emerged as market leaders after breaking out of a bullish reversal pattern.
“There are a lot of altcoins out there that are blatantly accumulating, so I think they are very unlikely to see a downtrend.
In my opinion, SEI and PEPE stand out.”
Looking at the SEI, the trader seems to be suggesting that the Solana competitor has broken out of a rounded bottom pattern. The technical formation is often seen as a bullish reversal pattern, as it indicates that investors are accumulating the asset without allowing the price to go any lower.
At the time of writing, SEI was trading at $0.30, down 1.44% from the previous day.
In the case of PEPE, the trader shares a chart suggesting that the meme token has broken out of another bullish reversal formation, the inverse head and shoulders pattern. This pattern coincides with the conclusion of the ABC corrective wave, suggesting that the asset is ready to surge.
“Pepe is on fire with his accumulation break.”
At the time of writing, PEPE is valued at $0.0000078, down 1.2% over the last 24 hours.
Analysts see Bitcoin rallying as the Federal Reserve increases liquidity for the cryptocurrency.
“Didn’t you weaken the Fed liquidity injection because ‘my September is typically bearish’? BTC.”
Traders typically view liquidity inflows as a bullish signal, as it indicates there is more capital available to invest in risky assets like Bitcoin and cryptocurrencies.
Blunts previously predicted that Bitcoin would hit new all-time highs of around $100,000.
“I still hold my ground on BTC. I think the bears are going to get killed soon.”
At the time of writing, Bitcoin is trading at $60,200, which is down slightly over the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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