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A widely followed analyst and trader who accurately predicted the Bitcoin (BTC) bottom in 2018 is highlighting one crypto asset that could go up by triple-digit percentage points.
The trader pseudonymously known as Bluntz tells his 321,100 followers on the social media platform X that dogwifhat (WIF), a memecoin built in the Solana (SOL) ecosystem, could go up by about 472% to reclaim and surpass the all-time high recorded in March of 2024.
“Still a lot of work to put in and need to see price action confirm, but I think there’s a very real chance a new impulse back to all-time high on WIF has commenced.”
According to the analyst who regularly applies the Elliott Wave theory in his technical analysis, WIF started a bullish uptrend earlier this month in a five-wave pattern. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern. Based on Bluntz’s chart on the three-day time frame, WIF bottomed out earlier this year.
Source: Bluntz/X
Over the short term, the pseudonymous analyst says WIF could undergo a correction before rallying. Based on the widely followed analyst’s chart of the one-hour time frame, WIF could pull back by around 10% from the current level.
“Very obvious five-wave rise from the lows on hourly for WIF, would expect a bit of a pullback here before the next major leg up.”
Source: Bluntz/X
WIF is trading at $0.845 at time of writing.
