A top cryptocurrency strategist who has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000 has recently suggested that meme-inspired cryptocurrency Dogwifhat ($WIF) is set to soon go “parabolic.”
In a post shared on the microblogging platform X (formerly known as Twitter), pseudonymous cryptocurrency analyst Bluntz Capital told his over 240,000 followers that Dogwifhat is on the verge of a significant price surge after breaking through its resistance at $0.50.
Bluntz, who uses Elliott Wave Theory in his analysis, has in the past suggested that the meme-inspired cryptocurrency will see its price surge to the $1 mark.
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.
Dogwifhat was initially launched to significant fanfare, to the point one cryptocurrency trader managed to turn $226,000 worth of the Solana-based meme-inspired into $1.69 million after the price of the cryptocurrency surged by more than 8,000% over a 30-day period, outperforming the wider cryptocurrency market.
It’s worth noting Bluntz is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured image via Unsplash.
