A widely followed crypto analyst says that one meme asset that has seen a 300x surge in under a year is on the brink of sparking another major rally.

Pseudonymous crypto trader Altcoin Sherpa tells his 223,600 followers on the social media platform X that memecoin Popcat (POPCAT) looks incredibly bullish after taking out its last true resistance at $1.

According to the trader, he sees POPCAT surging by over 60% from current levels.

“Once a coin breaks out of the range, you want to see continuation. Of course, this is going to depend on BTC but I think that POPCAT still looks strong.

Wouldn’t be surprised to see it go to like $2 or something to be honest.”

POPCAT is trading for $1.23 at time of writing, an over 7% increase during the last 24 hours. On January 5th, the meme asset was valued at $0.00379, translating to gains of more than 324x.

Moving on to the top crypto asset by market cap, Altcoin Sherpa says he believes Bitcoin (BTC) will “bounce hard” soon and that it appears to be forming a local bottom.

“We’re so back. For what it’s worth, I do think BTC is going to bounce hard on one of these soon. I think a bottom is forming.”

Bitcoin is trading for $62,131 at time of writing, a fractional increase during the last day.