A top crypto strategist who gained a huge following on social media after accurately predicting Bitcoin’s 2018 market bottom above $3,000 recently suggested that the meme-inspired cryptocurrency Dogwifhat ($WIF) could see a massive price spike to $11.
In a post shared on microblogging platform X (formerly known as Twitter), anonymous crypto analyst Bluntz Capital told his 260,000+ followers that Dogwifhat is in the early stages of a massive rally that will eventually see it hit the $11 mark before November.
Blontz, who uses Elliott Wave theory in his analysis, encouraged optimism, saying, “Don’t be afraid to dream big. WIF.” The analyst has in the past accurately predicted that WIF would reach and exceed $1.
In the 1920s, Ralph Nelson Elliott formulated the Elliott Wave Theory, a concept that arose from his observations and identification of recurring fractal wave patterns.
These patterns are based on crowd psychology, and the interpretation of Elliott Wave Theory usually includes five waves that move in line with the primary market trend, which can be either bullish or bearish, and three corrective waves.
The theory assumes that these patterns repeat, making it possible to predict asset price movements. Elliott’s theory gained fame when he accurately predicted the stock market bottom in 1935 after a 13-month correction.
At the time of writing, WIF is trading at $2.2 after surging more than 20.5% over the past week and gaining around 1,300% since the start of the year. The meme-inspired cryptocurrency has been subject to a massive sell-off over the past 30 days, dropping its value by around 32%.
The price drop came shortly after a prominent cryptocurrency analyst revealed that he believes the cryptocurrency could continue to fall before it improves.
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Analyst Altcoin Sherpa, who uses a pseudonym, noted that he expects WIF to rise but noted that he “doesn’t really think this is the bottom,” adding that he expects the price to continue falling.
The meme-inspired cryptocurrency has soared in value this year that one trader was able to turn less than $2,000 worth of the Solana-based memecoin into more than $10.9 million in a three-month period.
Featured image via Dogwifcoin.