A well-known trader who is skilled at predicting the rise of alternative cryptocurrencies (altcoins) believes that a meme token based on the Solana blockchain, called dogwifhat (WIF), has begun a new upward trend. The trader, known as Bluntz, shared his analysis with his 263,800 followers on the social media platform X, stating that WIF has likely reached its lowest point.

Bluntz explains that WIF has already shown signs of a bullish reversal on the shorter time frames, following a significant drop from its all-time high of $4.83. He expresses confidence that the correction has ended, as the price fell by around 70% to $1.46, aligning with his predicted structure of three waves. In addition, there has been a noticeable rise in five waves from the lows, which hasn’t occurred in months. Bluntz believes that as long as the price holds above $1.46, WIF has reached a major bottom, and he is now fully invested in the token.

Bluntz is an advocate of the Elliott Wave theory, which suggests that a bullish asset typically experiences a five-wave rally followed by a three-wave ABC correction. By analyzing Bluntz’s chart, it appears that WIF has completed a five-wave rally on the hourly chart, indicating a change in trend. The chart also indicates that WIF has finished the ABC correction and is poised for a rally above $3. Currently, WIF is valued at $2.01.

In addition to WIF, Bluntz is optimistic about Fetch.ai (FET), an altcoin focused on artificial intelligence (AI). According to Bluntz, FET is showing multiple signals that the correction is over. The price of FET experienced a 68% dip from its peak to trough, but it has since retested its previous all-time high and followed a clear three-wave move down. Bluntz believes that this marks the bottom for FET and expects it to experience a significant increase in value.

As of now, FET is trading at $1.35.

Please note that the opinions expressed in this article are not investment advice and readers should conduct their own research before making any investment decisions.