A widely followed cryptocurrency trader believes a large-cap memecoin is preparing for another round of bullish pushes.

The pseudonymous analyst Bluntz shares with his 303,200 followers on the social media platform

A triangle structure is typically considered bullish when discovered while an asset is in an uptrend.

says Bluntz,

“That sounds like a broken record at this point, but I’ll say it again anyway: If DOGE breaks through this three-week accumulation, there will be a violent bullish move.”

At the time of writing, DOGE/BTC is trading for 0.00000437 BTC worth $0.44.

Looking at Bitcoin itself, Bluntz believes that BTC is ready to resume its rallies after completing an ABC correction on the four-hour chart.

“Perfect liquidation candle on BTC, looks like a running flat ABC in my opinion.”

Leverage cleared successfully.”

Bluntz practices the Elliott Wave Theory, which states that a bullish asset tends to experience more rallies after an ABC wave pullback completes. Based on the trader’s chart, he appears to be predicting that BTC will rise above $112,000.

Bitcoin is trading at $99,284 at the time of writing.

Next up is the memecoin Dogwifhat (WIF). According to the trader, WIF is unlikely to be able to break out of a fresh accumulation pattern as the coin prints bullish higher lows.

“This WIF accumulation screams bankruptcy.”

Looking at the trader’s chart, it seems to indicate that a breakout will occur once WIF breaks above $3.50.

WIF is trading at $3.44 at the time of writing.

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