In the volatile world of cryptocurrencies, memecoins are known for their unpredictable nature, often capturing the market’s interest with significant price swings. One such memecoin, Dogwifhat (WIF), native to the Solana (SOL) ecosystem, is currently drawing attention. Despite experiencing a dramatic 72% downturn from its all-time high, a renowned crypto trader, known by the pseudonym Bluntz, suggests there’s a potential comeback on the horizon, albeit with reservations.

Bluntz, leveraging his 314,000-strong following on the social media platform X, hinted at a possible bottoming-out phase for WIF after its completion of a three-wave correction pattern on the weekly chart. Utilizing the Elliott Wave theory—a method that views market trends as a series of repetitive patterns, Bluntz recognizes “some nice signs of life” emerging on the meme coin’s short-term charts. This theory posits that assets typically follow a five-wave upward movement followed by a three-wave correction.

“It’s still in the early days,” warns Bluntz, “while the WIF hasn’t achieved a five-wave rise from its low, there’s a considerable chance of such a formation initiating.” Dogwifhat is currently trading at $1.32, signaling potential yet not confirming a definitive upward trend.

Switching focus to the flagship cryptocurrency, Bitcoin (BTC), Bluntz anticipates a possible “brutal” swing failure pattern (SFP) on its two-week chart. This pattern in technical analysis signifies potential reversal points in a financial asset’s current trend. “Bitcoin has five days left to avoid becoming a two-week SFP disaster,” states Bluntz. Currently, Bitcoin stands at a staggering $101,912.

For enthusiasts and investors tracking these developments, the evolving price patterns of Dogwifhat and Bitcoin might present speculative opportunities or looming risks. As always, engaging in the crypto market requires a balance of informed caution and strategic risk assessment.

Ensure you stay updated on the latest market movements by subscribing to email alerts and following reputable crypto analysts on social media channels. Always conduct thorough due diligence before diving into any investment decisions within the volatile crypto arena.