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A leading crypto analyst predicts that a meme token from the Solana (SOL) ecosystem could gain value in three-digit figures. The crypto strategist, known by the pseudonym Bluntz, informed his followers on social media platform X that the downtrend in the daily chart of the meme token dogwifhat (WIF) could be ending with a three-wave pattern.
272% Increase Expected for WIF
The analyst regularly employs the Elliott Wave theory in his work. This theory suggests that main trends occur in five-wave patterns, while corrections take place in three-wave patterns. Based on Bluntz’s chart, the strategist suggests that the WIF price could rise by approximately 272% from its current level. At the time of writing, WIF had seen an increase of 4.2% over the last 24 hours, trading at $0.222.
Senior analyst Bluntz then turned his attention to Bitcoin. He predicted that the leading cryptocurrency would likely continue trading in a sideways range before potentially starting an uptrend, stating:
The price movements of Bitcoin have been very dull in the last two days. I still think the maximum pain range encompasses both sides, but we will continue to watch.
Critical Comments from the Analyst
Sharing Bluntz’s charts, the analyst predicts that Bitcoin will first rise above $44,000, then fall below $41,500. Bluntz suggests that after dropping below $41,500, Bitcoin will climb above $45,000. At the time of writing, Bitcoin was trading at $44,719. Crypto analyst Bluntz predicts gains for a meme token belonging to the Solana ecosystem.
Similarly, he predicts a price increase for the WIF token using the Elliott Wave theory and estimates that Bitcoin will follow a sideways trend in the near term. According to Bluntz’s analyses, while the value of WIF could increase by 272% in a five-wave pattern, the price of Bitcoin is expected to rise above $44,000 and then fall below $41,500. However, Bitcoin is then expected to rise again above $45,000.
