Bluntz, a renowned crypto analyst and trader, has garnered recognition for his accurate predictions. He has recently made a forecast regarding the decline of dogwifhat (WIF), a memecoin ranked in the top 50 by market value. According to Bluntz, the altcoin is expected to drop by more than 50%.
Bluntz, an anonymous crypto analyst, issued a warning on the social media platform X, stating that WIF, built on the Solana (SOL) Blockchain, could potentially decrease by approximately 66% from its current price levels. Bluntz is known for his utilization of Elliott Wave theory in his technical analyses. He suggests that WIF is likely to complete a corrective three-wave pattern. According to Elliott Wave theory, corrections occur in a three-wave formation while the main trend of an asset’s price moves in a five-wave formation.
By examining the price chart he shared, it is apparent that the analyst anticipates the altcoin to establish a bottom around $1 before continuing its upward trend towards all-time highs.
At the time of writing, WIF, the 43rd largest cryptocurrency by market value, was trading at $2.94. The Solana-based memecoin experienced a significant surge in value, reaching a low of $0.069 on January 10, 2024, and gaining over 42 times in value within a span of four months.
Another crypto analyst known as Credible Crypto has also issued a warning regarding an anticipated decline in WIF and other memecoins. Credible Crypto suggests that WIF could potentially drop by approximately 47% from its current price levels.
Emphasizing the proximity of the expected decline, Credible Crypto stated, “If you haven’t looked yet and/or you don’t think there will be a significant drop in WIF under $2, Dogecoin (DOGE), and other memecoins, it’s not too late yet.”
Please note that the information presented in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.