Trader Updates Outlook on Altcoin That’s Exploded Over 23,000% Year-to-Date, Outlines Bullish Target for Bitcoin
A closely followed crypto analyst is updating his outlook on a meme asset that has seen staggering gains during the last year.
In a new strategy session, crypto trader Altcoin Sherpa tells his 222,900 followers on the social media platform X that Popcat (POPCAT), a memecoin that has skyrocketed 23,000% year-to-date, and other alts are looking bullish for the first time in months.
“You can still see these market structure shifts in coins like POPCAT and many other shitcoins right now. The trend is bullish for the first time in months and you should be looking to buy dips on some of these.”
According to Sherpa, cat-themed memecoins will likely have some catching up to do against dog-themed memecoins this cycle.
POPCAT is trading for $0.912 at time of writing, a 1.8% increase during the last 24 hours. On January 5th, POPCAT was valued at $0.000379, meaning it has grown 23,963% since, according to CoinGecko.
Moving on Bitcoin (BTC), Sherpa warns investors not to get too excited about its recent uptick as every rally the crypto king has sparked since April has been met with lower highs and lower lows.
“BTC – it’s extremely nice to see these moves the last week or so but I think it’s also important to zoom out. Every single strong rally that we’ve had since April has had lower highs and lower lows. We did see a potential higher low in early Sept; would love to see a break of $65,000.”
The analyst notes that Bitcoin breaking the $65,000 price tag will push the top crypto asset by market cap to surge to higher highs and higher lows.
“Break $65,000 and it’s arguably the first bullish market structure we’ve seen in months, with a higher high and higher low. fingers crossed that we actually can break it this time and show some continued momentum.”
However, he also says that BTC’s dominance chart is rising, meaning that some altcoins could outperform the flagship digital asset as it stabilizes.
Bitcoin is trading for $62,187 at time of writing, a marginal decrease during the last 24 hours.
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