A widely followed cryptocurrency analyst and trader is turning bullish on one red-hot large-cap altcoin.

The analyst pseudonymously known as Bluntz tells his 296,200 followers on social media platform X that memecoin Pepe (PEPE) could soar more than 35% from its current value.

The trader says the Pepe appears to have printed a local bottom after completing an ABC corrective wave on the one-hour chart.

He uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after a three-part ABC correction.

“Daily reminder that Pepe is going to turbo send. Raise your targets.”

Looking at his chart, the trader suggests Pepe may surge to $0.00002800.

He suggests Pepe is starting to break out and may go on to complete a five-wave pattern to the upside.

“There sure are lots of people looking for that picture-perfect Pepe prior [to an] all-time high retest. Would be an awful shame if it turbo five-wave reversed from here instead.”

Pepe is trading for $0.00002064 at time of writing, up more than 160% from its $0.00000775 low on November 5th.

Next up, the analyst suggests that Bitcoin (BTC) is in the midst of a major wave-five surge that could send it to $180,000, a more than 83% gain from its current value.

“Seeing lots of chat about $100,000 BTC being some magical line in the sand number that we will reject from. $100,000 will get eaten up easily in my opinion, still plenty of legs to go within this macro wave five.”

Bitcoin is trading for $98,057 at time of writing, up 4% in the last 24 hours.