A prominent cryptocurrency strategist who has gained a large following on social media after accurately predicting Bitcoin’s 2018 bear market bottom above $3,000 recently suggested that the meme-inspired cryptocurrency Dogwifhat ($WIF) could see a significant price surge to the $11 mark.
In a post shared on microblogging platform X (formerly known as Twitter), pseudonymous cryptocurrency analyst Bluntz Capital told his over 260,000 followers that Dogwifhat is in the early stages of a significant rally that will eventually see it hit the $11 mark before November.
Bluntz, who uses Elliott Wave theory in his analysis, encouraged optimism by saying: "Don't be afraid to dream a little bigger. WIF." The analyst has been right in the past. predicted that the price of WIF would reach and exceed $1.
In the 1920s, Ralph Nelson Elliott formulated the Elliott Wave Theorya concept that emerged from his observation and identification of “recurring fractal wave patterns.”
These patterns are based on mass psychology, and the interpretation of Elliott Wave theory generally involves five waves that move in line with the main market trend, which can be bullish or bearish, and three corrective waves.
The theory posits that these patterns repeat themselves, allowing asset price movements to be predicted. Elliott's theory gained prominence when he accurately predicted the stock market's lowest point in 1935, after a 13-month correction.
At the time of writing, WIF is trading at $2.2 after rising by over 20.5% over the past week and is up around 1,300% year-to-date. The meme-inspired cryptocurrency suffered a massive sell-off over the past 30 days that saw its value plummet by around 32%.
The price drop came shortly after a prominent cryptocurrency analyst revealed that he believed the cryptocurrency, It could continue to fall before their performance changes.
Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce, but noted that he “doesn’t really think this is the overall bottom,” adding that he expects the price to continue falling.
The meme-inspired cryptocurrency has risen exponentially this year, to the point where one trader managed to... Turning a Solana-based memecoin worth less than $2000 into over $10.9 million within three months.
Featured image via dogwifcoin.
