Trader Says One Dogecoin Competitor Primed for New Leg Up, Predicts New All-Time Highs for Bitcoin

An influential crypto analyst predicts that a competitor of Dogecoin (DOGE) may experience a significant breakout soon.

In a recent analysis, the crypto trader known as Bluntz shared with his 325,400 followers on the social media platform X that Floki (FLOKI), a meme asset inspired by dogs, is showing signs of a bullish triangle pattern.

Bluntz, who follows Elliott Wave theory to forecast price movements based on crowd psychology, believes that Floki has formed an ABCDE triangle, indicating a potential strong rally in the near future.

“After five days of consolidation, I think Floki is ready for its next upward movement after taking a breather.”

According to the analyst’s chart, Floki could potentially reach a price target exceeding $0.0001600.

Currently, Floki is trading at $0.0001412, showing a slight decline for the day.

Next, the analyst suggests that Bitcoin (BTC) might achieve new all-time highs surpassing $125,000 after a possible ABC correction to the $115,000 level.

Following Elliott Wave theory, a bullish asset often experiences new rallies after completing an ABC pullback.

“BTC seems poised to test $116,000 early in the week before aiming for higher levels later on. Any weakness at the beginning of the week is expected to be met with buying interest around Tuesday.”