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) could see a major price surge to the $11 mark.
In a post shared on the 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 upswing that will ultimately see it reach the $11 mark before November.
Bluntz, who uses Elliott Wave Theory in his analysis, encouraged optimism, stating, “Don’t be afraid to dream a little bigger. WIF.” The analyst has in the past accurately predicted the price of WIF would reach and surpass $1.
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 $2.2 after surging more than 20.5% over the past week and is up around 1,300% year-to-date. The meme-inspired cryptocurrency endured a massive sell-off over the last 30 days that saw its value plunge around 32%.
The price decline came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, could keep on dropping before its performance turns around.
Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.
The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.
Featured image via Dogwifcoin.
