The cryptocurrency market has completely crashed. Despite Bitcoin’s decline and significant losses in altcoins, some analysts maintain a positive outlook. A well-known analyst highlighted a potential rise in a meme coin that will make a mark in 2024.
Will WIF Coin Rise?
A renowned market analyst, known for his past altcoin comments, emphasized a possible explosion in the meme coin that marked the end of 2023 and the beginning of 2024. The analyst named Bluntz shared his views on X with his thousands of followers.
The analyst shared his views on dogwifhat (WIF), a dog-themed meme coin on the Solana network, stating that while the medium-term outlook remains bearish, the altcoin is on the verge of a significant jump.
According to Bluntz, although the WIF side will continue to experience a downtrend, there are many indicators of a potential positive rally beforehand.
Although I think WIF is doomed to $1 in the high time frame, I believe there could be a 50% jump first. We can see five waves down from the highest level below $4 and nice bullish divergences in the four-hour, eight-hour, and 12-hour [charts]. We expect a counter-trend ABC to around $3-3.4 for everyone to come back. It is definitely not wise to short these levels.
The theory Bluntz used for his price prediction is the Elliott Wave theory. This theory aims to predict future price movements by following crowd psychology in a process thought to occur in waves. According to the theory, while the downtrend continues, the crypto asset under review experiences a five-wave decline followed by a three-wave ABC correction upward.
Looking at the chart presented by Bluntz, it is seen that the five-wave decline movement on the WIF side has been completed, and it is thought that the ABC correction process may have begun. Despite all this, according to Bluntz, WIF’s price may drop to $1 at the end of the process.
What is WIF’s Current Price?
As of the time of writing, WIF’s price continues to trade at $2 after a 15% drop in the last 24 hours. WIF’s market cap has dropped to $1.98 billion.
The trading volume, influenced by the large wave of sales in the market, reached $533 million, indicating a 60% increase.
