A widely followed cryptocurrency analyst and trader is turning bullish on a Dogecoin (DOGE) and Shiba Inu (SHIB) rival.

The analyst pseudonymously known as Bluntz tells his 290,300 followers on social media platform X that the memecoin Pepe (PEPE) could soar more than 28% from its current value.

The analyst practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave upside move after completing an ABC move down.

“PEPE has now done a nice five up from the lows on low timeframes and the pullback from the highs was also a clear three-wave move down. The push into fresh all-time high looks like it has begun.”

Looking at his chart, the analyst suggests Pepe may soar to more than $0.00003000 under the Elliott Wave theory principles for a bullish asset.

Pepe is trading for $0.00002339 at time of writing, up 14.2% in the last 24 hours.

Next up, the analyst says that Bitcoin (BTC) may have completed an Elliott Wave theory ABC corrective wave pattern on the one-hour timeframe and is now starting to print a five-wave pattern to the upside.

“That should be it for the BTC pullback in my opinion. Next up, the big $100,000 resistance.”

Bitcoin is trading for $91,101 at time of writing, up 4.5% in the last 24 hours.