You can also read this news on COINTURK NEWS: Analyst Predicts Rise for Dogecoin and Other Meme Coins
Bitcoin analyst Bluntz, known for accurately predicting the 2018 bear market bottom, has announced his expectations for a rise in certain meme coins, including Dogecoin (DOGE). Despite the recent market correction, the analyst has made optimistic predictions about the price trends of both Dogecoin and Dogwifhat (WIF).
High Expectations for WIF: $3.50
Known for using the Elliott Wave theory to forecast price movements, Bluntz recently shared his views on both DOGE and WIF on his personal account on social media platform X. He indicated his expectation for a rise in both altcoins.
Bluntz emphasized that WIF remained strong even after the general market correction and expected it to show more strength. According to the Elliott Wave theory applied by the analyst, an asset that has completed a correction known as the ABC formation typically enters a five-wave rally.
The analyst shared a chart indicating that WIF could potentially rise to around $3.50 before completing its expected five-wave upward trend. Bluntz underlined that market downturns should be recognized as buying opportunities, suggesting that these dips should be seen as advantageous moments rather than sources of concern.
Anticipating $0.18 for Dogecoin
Moving on to Dogecoin, Bluntz expressed his confidence in the largest meme coin’s potential to rise to around $0.18 before completing its five-wave upward movement. The analyst agreed with the view that Dogecoin is the “Bitcoin of meme coins” and indicated that the spotlight in the meme coin market would not be entirely left to WIF, hinting at a short-term rise for DOGE.
Bluntz’s bullish predictions for WIF and DOGE come amidst ongoing high volatility in the market. Meme coins are known for their peculiar appeal and sharp, rapid price movements. However, investors are advised to exercise caution when investing in such assets.
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