Trader Predicts Big Upside Burst for Memecoin WIF: Is a Relief Rally Imminent?

Title: Trader Predicts Big Upside Burst for Memecoin WIF Despite Bearish Outlook

In the world of cryptocurrency trading, one trader known for his timely altcoin calls is making waves with his prediction for meme token dogwifhat (WIF). Pseudonymous analyst Bluntz, with a following of over 261,500 on social media platform X, believes that WIF is gearing up for a significant upside burst.

While Bluntz admits to being medium-term bearish on WIF, he sees multiple bullish signals indicating that the altcoin may experience a relief rally before continuing its downtrend. According to his analysis, WIF has completed a five-wave move down and is now primed for a three-wave ABC correction upward.

Bluntz, who practices the Elliott Wave theory, predicts that WIF could see a 50% bounce to around $3-3.4 before ultimately falling to $1. Despite his bearish long-term outlook, he advises against shorting the coin at current levels.

At the time of writing, WIF is trading at $2.57, leaving plenty of room for the predicted upside burst to play out. Investors are advised to do their due diligence before making any high-risk investments in cryptocurrency, as trading always carries inherent risks.

Stay tuned for updates on WIF’s price action and follow The Daily Hodl for more insights and analysis on the cryptocurrency market.