A Potential Breakout for Floki and Bitcoin: Analysis by Crypto Trader Bluntz
A well-known crypto analyst is suggesting that a Dogecoin (DOGE) competitor, Floki (FLOKI), may be on the brink of a significant breakout. In a recent strategy session, pseudonymous trader Bluntz shared insights with his 325,400 followers on X, highlighting a bullish triangle pattern forming in the price of Floki.
Bluntz, who follows Elliott Wave theory to predict price movements based on crowd psychology, believes that Floki has completed an ABCDE triangle pattern, indicating a potential rally once the pattern is finalized.
“After five days of sideways movement, Floki seems poised for the next leg up. I anticipate a strong move soon after this period of consolidation.”
According to Bluntz’s analysis, Floki could potentially reach a price target exceeding $0.0001600, with the current price standing at $0.0001412.
Switching focus to Bitcoin (BTC), the analyst suggests that the leading cryptocurrency might see new all-time highs surpassing $125,000 after forming an ABC correction to the $115,000 level. In Elliott Wave theory, an asset often experiences new uptrends following an ABC pullback.
“BTC appears to be gearing up for a move towards $116,000 in the early part of the week before aiming higher later on. Any initial weakness is expected to be met with buying interest by Tuesday.”
Bitcoin is currently trading at $119,105, showing a slight increase for the day.
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