Popular crypto analyst Blanc claims that one of Dogecoin's (DOGE) competitors may be on the verge of an explosive breakthrough.
During another stream, he informed his 325,400 followers on social media that the meme token Floki (FLOKI) is forming a bullish triangle.
Blanc is a proponent of Elliott Wave Theory, which allows for predicting price movement considering crowd psychology. He believes that Floki may have completed the ABCDE triangle, which heralds a powerful rise after this figure is completed.
Five days of sideways movement for Floki. I think the next upward move is close, considering it has had time to cool down a bit.
Based on the chart he created, the analyst suggested that Floki could ultimately reach a target price of over $0.0001600.
Additionally, the analyst believes that Bitcoin (BTC) could set a new all-time high, exceeding $125,000, although a potential ABC correction to the level of $115,000 cannot be ruled out.
According to Elliott Wave Theory, an asset in a bullish trend typically demonstrates new rallies after completing an ABC correction.
BTC seems to be able to reach $116,000 at the beginning of the week and then rise towards the end of the week. Any weakness at the beginning of the week is expected to rekindle demand and trigger a rise around Tuesday.
Currently, Bitcoin is trading around $118,000 with a daily loss of 0.3%.
