A crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market price floor says he’s looking at one memecoin to generate massive returns this cycle.
Pseudonymous analyst Bluntz tells his 240,900 followers on the social media platform X that the Solana (SOL)-based memecoin dogwifhat (WIF) is his “highest conviction” trade this cycle.
The trader shares a chart suggesting that WIF may be following in the footsteps of one crypto asset that has already printed 5x gains this year.
“WIF will be my kingmaker trade for this cycle…
Never thought my highest conviction bet would be a memecoin but here we are. [Here’s a] visual representation of what I think happens.”
Looking at the trader’s chart, he seems to predict that WIF can soar to as high as $3.
At time of writing, WIF is trading for $0.611, indicating an upside potential of over 700% if the memecoin hits Bluntz’s target.
The analyst is also bullish on the native asset of the decentralized storage network Filecoin (FIL). The analyst shares a chart suggesting that FIL is poised to continue trending higher after completing an ABC corrective wave.
“FIL gearing up for the next leg up here now in my opinion, nice ABC done on the four-hour [chart].”
Bluntz practices the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a burst to the upside after completing an ABC corrective pattern.
At time of writing, FIL is trading for $7.68.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney