A well-known crypto analyst and trader, who goes by the name Bluntz, is sharing a negative outlook on a popular memecoin ranked in the top 50 by market capitalization. Bluntz, with a following of 258,100 on the social media platform X, believes that dogwifhat (WIF), which operates on the Solana blockchain, could see a significant drop of approximately 66% from its current level.

Bluntz regularly incorporates the Elliott Wave theory into his technical analysis and suggests that WIF is currently in the process of completing a corrective three-pattern wave. According to this theory, the price of an asset follows a five-wave pattern during the main trend, while corrections occur in a three-wave pattern.

Analyzing the chart shared by Bluntz, it indicates that WIF may reach a bottom around the $1 mark before resuming an upward trend to achieve new all-time highs.

Currently, WIF holds the 43rd position in terms of market capitalization and is trading at $2.94. Earlier this year, on January 10, the Solana-based memecoin hit a low of $0.069, resulting in an impressive gain of 42.61x in just four months.

Another pseudonymous analyst, Credible Crypto, also shares similar sentiments regarding WIF and other memecoins. Credible Crypto predicts a potential drop of approximately 47% from the current level.

Credible Crypto advises individuals to consider the possibility of WIF falling below $2 and expects major drops across the board for Dogecoin (DOGE) and other meme-based cryptocurrencies.

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