The analyst who accurately predicted the Bitcoin bottom in the 2018 bear market foresees WIF surging by 272%.
He also predicted that Bitcoin would continue trading sideways before breaking out. 

Renowned analyst, Bluntz, predicts Solana ecosystem meme coin dogwifhat (WIF), could be ready for an explosive run. Speaking to his 239,300 followers on X, Bluntz disclosed that he has noticed a down-trending three-wave pattern on the daily chart of the asset.

He is known for his constant use of the Elliott Wave theory in his analysis. This approach shows the main trends in five wave patterns while showing corrections in three wave patterns. Per his observation, WIF could surge by 272% from the current level. 

WIF is trading at $0.291051 at the time of writing and has recorded a whopping surge of 30% in the past 24 hours. However, its market sentiment is bearish according to market data. 

Last week, a crypto personality identified as Reflection disclosed that a crypto wallet that flipped meme coins on the Solana network had recorded $184,969 from a balance of $5,600 in five days. According to the report, the most significant profit in its transaction came from WIF. Per his observation, the wallet owner probably had insider information and was one of the early users to have purchased WIF. This user purchased $287 worth of the meme coin and made a 64,891% profit. 

Market data shows that WIF surged by 720% between January 9 and January 18. After hitting a yearly high of $0.5445, the price retraced to $0.2230. Regardless, the price is fairly above its January 8 low of $0.0759. However, Dogecoin, the largest memecoin in the ecosystem, is down by 0.19% in the last 24 hours, trading at $0.081245. 

Could Bitcoin and Solana Join WIF in the Rally?

Bluntz also spoke on Bitcoin (BTC), predicting the digital asset would continue to trade sideways before breaking out to a new yearly high. In his earlier prediction, Bluntz stated that Bitcoin would breach its $44k resistance level, retrace to below $41.5k, and then bounce back into the $45k zone.

Very boring price action over the last two days on Bitcoin. Still think max pain is sweep both sides of the range but will continue to monitor.

At the time of writing, Bitcoin was trading at $47,132.13, after surging by 1% in the last 24 hours. Interestingly, the asset has recorded a 27% run in the past three months, adding $10,031.90 to its previous price. In the last seven days, Bitcoin has surged by 9%. According to a price prediction platform, Bitcoin could likely hit $131,969.97 by the end of this year.

Solana is also up 2.9% in the last 24 hours, trading at $108.50. Solana is predicted to go as high as $303 before December 31, 2024. 

Bluntz is known for accurately predicting the Bitcoin bottom in the 2018 bear market. He also predicted that the flagship asset would move towards $32,000 in the second half of 2023 after Bitcoin dropped to $25k. 

 

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Filed under: Bitcoin - @ February 11, 2024 5:15 pm