A prominent cryptocurrency strategist, known for accurately predicting Bitcoin’s 2018 bear market bottom above $3,000, now suggests that the meme-inspired cryptocurrency Dogwifhat ($WIF) has reached its bottom.
Blutnz Capital, with over 238,000 followers on X (formerly Twitter), has indicated in an update that the cryptocurrency is not expected to revisit $0.10 per token until the conclusion of the current market cycle.
Analyzing WIF with Elliott Wave Theory: The Foundation
Analyzing WIF through the lens of Elliott Wave theory, the analyst predicts a five-wave pattern on the one-day chart, currently in the second wave. With over 238,000 followers on X, the analyst foresees WIF breaking the $1 barrier in alignment with this pattern.
now up 165% on $WIF🧢
if you think this aint going to $1 atleast you're vastly underestimating how retarded we can be. pic.twitter.com/xxvMRJ80u5
— Bluntz (@Bluntz_Capital) January 11, 2024
Ralph Nelson Elliott introduced the Elliott Wave theory in the 1920s, grounded in the observation of recurring fractal wave patterns tied to the psychology of the masses. The theory involves five waves aligning with the primary market trend, whether bullish or bearish, followed by three corrective waves. This analytical approach underpins the analyst’s optimistic projection for WIF’s future performance.
Elliott Wave Theory and Asset Price Prediction
According to this theory, patterns repeat themselves, allowing for the anticipation of asset price movements. Ralph Nelson Elliott’s theory gained prominence with his accurate forecast of the stock market’s 1935 bottom following a 13-month correction.
As of the current writing, WIF is trading at $0.35 per token, marking a remarkable surge of over 110% in the last 30 days. This meme-inspired cryptocurrency has notably outperformed its counterparts in recent weeks.
In contrast, Dogecoin ($DOGE), the largest meme-inspired cryptocurrency by market capitalization, has experienced a 16.5% value decline over the past month. This dip coincides with a broader cryptocurrency market correction, triggered in part by the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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