Bluntz, a renowned Bitcoin analyst who correctly foresaw the 2018 cryptocurrency bear market bottom, has now projected an upward trajectory for popular meme coins, focusing primarily on Dogecoin (DOGE) and Dogwifhat (WIF). Contrary to the prevailing market downturn, Bluntz foresees a bullish future for these digital currencies.
Elliott Wave Theory Fuels Positive WIF Outlook
Utilizing the Elliott Wave theory to predict market trends, Bluntz has publicly shared his anticipation of a significant uptick for both DOGE and WIF on social media. His analysis suggests that following a market correction, these altcoins are poised for a robust rally.
Bluntz points out that despite recent market setbacks, WIF has maintained its momentum. He expects it to exhibit even more resilience going forward. The Elliott Wave theory he employs indicates that assets usually undergo a five-wave growth pattern after completing a corrective ABC formation.
Highlighting his price target, Bluntz predicts that WIF might climb to approximately $3.50, marking the completion of its anticipated upward pattern. He also encourages recognizing market dips as opportunities to invest rather than periods of panic.
Dogecoin’s Expected Surge to $0.18
Shifting focus to Dogecoin, Bluntz is optimistic the leading meme coin can attain an approximate value of $0.18, culminating its own five-wave ascent. He acknowledges Dogecoin’s status as the “Bitcoin of meme coins” and suggests it will also experience a short-term price increase alongside WIF.
Despite Bluntz’s positive projections for WIF and Dogecoin, the cryptocurrency market continues to grapple with substantial fluctuations. Meme coins, in particular, are notorious for their unpredictable price swings and unique market appeal. As always, investors are reminded to approach these investments with due diligence and care.