Bitcoin

1 Top Cryptocurrency to Buy Before It Surges 150%, According to a Popular Analyst

Published

8 months ago

10 June, 2024

1 Top Cryptocurrency to Buy Before It Surges 150%, According to a Popular Analyst

A closely watched crypto analyst believes Dogecoin has a bright future.

Dogecoin (DOGE -0.67%) has gone through some wild swings in the last three years. The cryptocurrency was launched in 2013 as a parody of Bitcoin (Bitcoin 0.00%) in honor of the Shiba Inu dog meme. It was worth just $0.01 at the start of 2021, but on May 8 of that year, it hit a record $0.73.

This recovery was driven by two main tailwinds. First, a mix of social media buzz, low interest rates, and stimulus checks generated a buying frenzy in cryptocurrencies, meme stocks, and other speculative investments in 2021. Second, celebrities like Elon Musk, Mark Cuban, and Snoop Dogg joined the movement and promoted Dogecoin to their followers on social media.

Image source: Getty Images.

But today, Dogecoin is only worth about $0.16. Rising interest rates drove investors away from speculative investments like cryptocurrencies, and many of the market’s smaller altcoins collapsed as a new crypto winter began.

Faced with these challenges, many investors may think it is smarter to stick with “blue chip” cryptocurrencies like Bitcoin and Ether. However, some investors believe that Dogecoin could still recover in the near future.

Altcoin Sherpa, a pseudonym for a closely followed crypto analyst with nearly 217,000 followers on investors could do at the moment. Let’s see if this outlook makes any sense – and whether investors should be more optimistic about this volatile situation. meme coin.

What is the bullish case for Dogecoin?

Altcoin Sherpa’s bullish case for Dogecoin is based on the belief that retail investors will buy it again, that it has high liquidity and low downside relative to other meme coins, and that it is more attractive than many of the altcoins minors.

He also believes that one tweet from Elon Musk will be enough to “explode everything”. In the past, several of Musk’s tweets about Dogecoin – along with TeslaGoogle’s acceptance of Dogecoin payments and a temporary change of Twitter’s logo to Shiba Inu last year (prior to its renaming as X) – all of these have increased the price of the meme coin.

But Dogecoin still has fewer catalysts than other cryptocurrencies

Dogecoin may be more stable than other smaller altcoins, but it also has fewer long-term catalysts than Bitcoin and Ether. It is now accepted as a payment method at some businesses, but its volatile pricing still makes it more of a publicity stunt than a realistic payment option for most customers.

Regulators also don’t seem too impressed with Dogecoin. Last September, the New York State Department of Financial Services excluded Dogecoin from its “green list” of eight regulated cryptocurrencies – which include Bitcoin, Ether and six stablecoins from PayPal It is Twins. This exclusion suggests that it is still a highly speculative investment.

Dogecoin’s blockchain platform also cannot be used natively to develop decentralized applications. This is because it was originally forked from the Bitcoin blockchain, which does not support application development and uses the same energy-intensive proof of work (blow) method to extract your tokens.

In comparison, Ethereum, SolanaIt is Cardano all use the most energy-efficient proof-of-stake (PoS), which has been widely adopted for the development of decentralized applications and smaller tokens. Dogecoin supporters later launched Dogechain, a separate blockchain network to support Dogecoin-based applications, but it is not as widely used as other decentralized platforms.

There is also evidence that investors are simply losing interest in Musk’s views on Dogecoin. In April this year, he randomly tweeted about his growing popularity, but his price barely changed. This waning interest runs counter to Altcoin Sherpa’s view that “all it takes” to lift Dogecoin would be another bullish tweet from Musk.

Investors should be skeptical about the future of Dogecoin

Dogecoin may have a better future than many of the smaller altcoins on the market, but I cannot confidently say that it will rise by 150% in the near future. Interest rates are still high, and the new Bitcoin ETFs and upcoming Ether ETFs could drive many investors away from smaller altcoins and meme coins even as crypto winter ends.

Therefore, instead of following pseudonymous crypto analysts with a large social media audience, investors should perform their own due diligence and understand that Dogecoin could easily experience a 50% decline in value before doubling or tripling in this challenging market.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin, Cardano, Ethereum, PayPal, Solana and Tesla. The Motley Fool recommends the following options: June 2024 short calls for $67.50 on PayPal The motley fool has a disclosure policy.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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