A crypto analyst who accurately called Bitcoin’s (BTC) market bottom six years ago says one Dogecoin (DOGE) rival built on Solana (SOL) is on the edge of a rally.
Earlier this month, pseudonymous trader Bluntz told his 236,800 followers on the social media platform X that the memecoin dogwifhat (WIF) was entering a good price zone for traders after a major decline.
“Nice clean five wave rise on WIF followed by a -77% ABC down, just loaded some bags down here and have some more bids slightly lower.
All in all, this is a cracking entry imo (in my opinion), zero or hero, WIF to a billion.”
Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rise followed by an ABC corrective move before starting its next leg up.
Looking at the trader’s chart, he seems to be predicting that WIF was set to ignite a new five-wave surge after completing an ABC correction.
That was on January 3rd. Now, the trader says WIF is on its way up to $1 and that he won’t sell until the market cap for WIF hits $1 billion.
“$1 WIF is programmed.
Not selling a single coin before a billy (billion) market cap.”
WIF is worth $0.274 at time of writing, currently ranked #185 amongst cryptos in terms of market cap. A rally to $1 would represent a 265% increase for dogwifhat.
Last week, Bluntz said much of the same thing about the rising dog-themed memecoin.
“If you think this ain’t going to $1 at least, you’re vastly underestimating… [WIF’s potential].”
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