A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000 has recently suggested that the price of meme-inspired cryptocurrency Dogwifhat ($WIF) has bottomed out.
According to an update the analyst Blutnz Capital shared on the microblogging platform X (formerly known as Twitter) with their over 238,000 followers, the cryptocurrency won’t drop back to $0.10 per token again until after the current market cycle ends.
The analyst, who is conducts his analysis using Elliott Wave theory, suggested that WIF is on the second wave of a five-wave pattern based on his one-day chart of the asset. He expects that WIF will break the $1 barrier eventually, as has been reported.
In the 1920s, Ralph Nelson Elliott formulated the Elliott Wave theory, a concept that emerged from his observation and identification of “recurring, fractal wave patterns.” These patterns are grounded in psychology of the masses, and the interpretation of the Elliott Wave theory typically involves five waves that move in line with the primary market trend, which could be either bullish or bearish, and by three corrective waves.
The theory posits that these patterns repeat themselves, enabling the prediction of asset price movements. Elliott’s theory gained prominence when he accurately forecasted the stock market’s bottom in 1935 following a 13-month correction.
WIF is at the time of writing trading at $0.35 per token after surging more than 110% over the last 30-day period. The meme-inspired cryptocurrency has been outperforming its rivals over the last few weeks.
Dogecoin ($DOGE), the largest meme-inspired cryptocurrency by market capitalization, has seen its value plunged by 16.5% over the past month amid a wider cryptocurrency market correction that came after the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
