A popular cryptocurrency analyst known in the space for accurately predicting Bitcoin’s bear market bottom back in 2018 has recently pointed to a meme-inspired cryptocurrency as his “kingmaker trade” for this cycle.
In a post shared on the microblogging platform X (formerly known as Twitter), pseudonymous cryptocurrency analyst Bluntz Capital pointed to Dogwifhat ($WIF) as his “kingmaker trade,” before adding that this is his “highest conviction bet.”
The analyst has been eyeing the meme-inspired cryptocurrency for some time and has predicted the cryptocurrency’s price will surge to $1 per token. The cryptocurrency is currently trading at $0.81 after surging more than 155% over the past month.
The analyst’s recent chart however, seems to point to a surge toward the $3 mark. The analyst uses Elliott Wave theory, a concept that emerged from the observation of Ralph Nelson Elliott in the 1920s of “recurring, fractal wave patterns.”
These patterns are grounded in psychology of the masses, and the interpretation of the Elliott Wave theory typically involves five waves that move in line with the primary market trend, which could be either bullish or bearish, and by three corrective waves.
The theory posits that these patterns repeat themselves, enabling the prediction of asset price movements. Elliott’s theory gained prominence when he accurately forecasted the stock market’s bottom in 1935 following a 13-month correction.
Featured image via Dogwifcoin’s website.
