An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes more rallies are in store for two meme assets.

Pseudonymous trader Bluntz tells his 324,600 followers on the social media platform X that he thinks the memecoin Pudgy Penguins (PENGU) will rise about 66% from current levels before completing a five-wave surge.

Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.

Says the trader,

“PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily.

Anticipate this to test prior all-time highs and potentially beyond over the next month or so.

Has insane normie appeal and basically launched in a meme bear market, so it never had a proper price discovery run, but I think its time has come.”

Looking at the trader’s chart, he seems to suggest that PENGU will soar to $0.055. At time of writing, PENGU is worth $0.0327.

Another memecoin on the trader’s radar is Bonk (BONK), which he thinks is following in the footsteps of PENGU.

“From all the major memes, BONK and PENGU are two of the strongest that have taken out their major may high resistances already. Fortunately, PENGU is leading and showing the way for BONK over the coming weeks.

I am long both of these coins.”

The trader appears to be predicting that BONK will soar to $0.000043. At time of writing, BONK is trading at $0.00003.

As for the broader altcoin market, the trader says he’s keeping an eye on the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC.

Bluntz hints that the bearish divergence on the Bitcoin dominance chart is now playing out, suggesting that altcoins are poised to rise faster than BTC in the current bullish environment.

A bearish divergence is a signal indicating waning momentum for an asset or index.

“BTC.D proper breaking down now, love to see it.”

At time of writing, BTC.D is hovering at 63.73%.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Bitcoin (BTC) continued its spring rally on Friday and is on track for its strongest weekly showing since Trump’s election victory.

The largest and oldest cryptocurrency held around $95,000 during U.S. afternoon hours, up 1.8% over the past 24 hours. Ethereum’s ether (ETH) followed closely, gaining 2% to hover just over $1,800. Sui’s native (SUI), Bitcoin Cash (BCH), and Hedera’s HBAR led gains in the broad-market crypto benchmark CoinDesk 20 Index.

Today’s gains cap an exceptional momentum for crypto markets recovering from the early April lows amid tariff turmoil. BTC is up over 11% since Monday, putting it at its largest weekly gain since November 2024, when Donald Trump clinched the U.S. presidency, kickstarting a broad-market crypto rally.

Read more: Bitcoin Traders Target $95K in Near Term; SUI Continues Multiday Rally

Investor appetite from ETF investors also bounced back strongly: U.S.-listed spot bitcoin ETFs recorded $2.68 billion in net inflows this week so far, the largest since December, according to SoSoValue data. (Friday inflow data will be published later.)

BTC decoupling

Bitcoin’s recent strength relative to U.S. stocks and gold underscores BTC’s decoupling from traditional macro assets, said David Duong, Coinbase Institutional’s global head of research.

“It’s rare to witness market inflection points in real time, as we only tend to recognize major regime shifts with the benefit of time and reflection,” Duong said in a Friday report. “This week’s decoupling of bitcoin’s performance from that of traditional macro assets may be as close as we come to such a moment.”

“In our view, this divergence highlights bitcoin’s maturing role as a store-of-value asset—one that is increasingly being viewed by institutional and retail investors alike as resilient against the macroeconomic forces affecting risk assets more broadly,” he wrote.

Doung noted that the thesis is gaining traction with more companies adopting BTC corporate treasuries. Following the success of Michael Saylor’s Strategy, Twenty One Capital, a new firm backed by Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, also plans to hold 42,000 BTC at launch.

Due in part to recent accumulation, liquidity in the spot BTC market has been “significantly drained,” Dr. Kirill Kretov, lead strategist at trading automation platform CoinPanel, said in a Telegram note. According to the firm’s proprietary blockchain analysis, a large portion of bitcoin liquidity has been withdrawn from actively transacting addresses, including exchanges, since November 2024, exposing markets to volatile price swings.

“The market is thin, vulnerable, and easily moved by large players,” Kretov said. “Sharp swings of 10% up or down are likely to remain the norm for now.”

Bitcoin’s route to fresh records

While the route could be choppy, this week’s rally is likely the early innings of bitcoin’s next leg higher to new records, said John Glover, chief investment officer of crypto lender Ledn.

Based on his technical analysis using Elliott Waves, he said BTC began the fifth and final wave of its multi-year bull market.

Elliott Wave theory suggests asset prices move in predictable patterns called waves, driven by collective investor psychology. These patterns typically unfold in five-wave trends, in which the first, third, and fifth waves are impulsive rallies, while the second and fourth waves are corrective phases.

While retesting this month’s low at $75,000 cannot be ruled out, Glover sees BTC climbing to a cycle top around late 2025, early 2026.

“My expectations continue to be for a rally to $133-$136k into the end of this year, beginning of next,” he said.

Read more: Bitcoin Whales Return in Force, Buy the BTC Price Rally, On-Chain Data Show