A popular crypto analyst, known as Bluntz, is seeing positive signs for the Solana-based memecoin, dogwifhat (WIF). This comes after WIF’s price plummeted 72% from its all-time high.
Dogwifhat (WIF) Showing Potential
Bluntz, who boasts over 300,000 followers on X (formerly Twitter), believes WIF might have hit its bottom. He uses Elliott Wave theory, which predicts price movements in specific wave patterns, to support his claim. While acknowledging it’s early, Bluntz notes a three-wave correction followed by what he sees as promising early signs of a potential upward trend. He cautions that a full five-wave upward pattern, confirming a bull run, hasn’t formed yet. At the time of writing, WIF is trading at $1.32.
Bitcoin’s Potential Downward Swing
Bluntz isn’t as optimistic about Bitcoin (BTC). He suggests BTC might be forming a “brutal” swing failure pattern (SFP) on the two-week chart, a technical indicator often pointing to trend reversals. He gives Bitcoin five days to avoid confirming this bearish pattern. Bitcoin is currently trading at $101,912.
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