An analyst known as a “Master Trader” on the crypto exchange Bybit believes October will be a bullish month for Dogecoin (DOGE).

Pseudonymous analyst Bluntz tells his 276,900 followers on the social media platform X that top memecoin DOGE appears to be in the early stages of a five-wave rally.

The trader practices Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology which tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave surge before experiencing an “ABC” pullback.

Says Bluntz,

“DOGE looks turbo bullish here, probably won’t play out exactly like this, but more or less there are MANY waves left to go before this impulse structure looks anywhere near completed.

I don’t necessarily think DOGE outperforms all the popular memes (my bags) but DOGE looking turbo bullish is EXACTLY what you want to see, and it certainly does.”

Looking at the trader’s chart, he seems to suggest that DOGE will rally above $0.20 in October. At time of writing, DOGE is trading for $0.122.

Turning to fellow memecoin Bonk (BONK), the crypto strategist thinks that its correction over the weekend has put the Solana (SOL)-based altcoin in a position to witness rallies in the coming days.

“Perfect ABC pullbacks here on all the strong memes, added BONK here, if you’ve been wanting to get in, this is the spot right here, right now, in my opinion, not financial advice, blah blah.” 

Based on the trader’s chart, he appears to predict that BONK will move above $0.00032 before ending its five-wave surge on the four-hour chart.

At time of writing, BONK is worth $0.000023.