A trader who nailed the May 2021 Bitcoin (BTC) collapse is suddenly turning bullish on Dogecoin (DOGE).

Pseudonymous analyst Dave the Wave tells 146,500 followers on the social media platform X that DOGE may be forming a bullish ascending triangle on the daily timeframe.

A triangle pattern is considered bullish if the asset clears a key resistance level.

Says Dave the Wave,

“Tell me that ain’t bullish.”

Looking at his chart, the analyst appears to also suggest that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break through resistance that could put the memecoin in the $0.20 range. Dave the Wave also appears to suggest that DOGE will rally close to its all-time high of $0.73 during this cycle.

DOGE is trading for $0.14 at time of writing, up 1.2% in the last 24 hours.

Next up, the analyst says Bitcoin could ignite rallies to fresh all-time highs if the flagship digital asset can break through an enduring resistance level.

“BTC: through $70,000 and we be in business…

Short-term. Resistance [becomes] support?”

He also suggests alternatively that a Bitcoin breakout may be delayed about two more months as BTC may be forming a cup-and-handle formation on the daily timeframe. A cup-and-handle is seen as a bullish continuation pattern, suggesting that Bitcoin may take more of a breather before breaching a key resistance level.

“BTC: now or New Year’s Eve?”

Bitcoin is trading for $67,351 at time of writing, down over 2% in the last 24 hours.