A popular crypto trader says an epic altcoin season is likely to arrive this year which will probably send Dogecoin (DOGE) much higher.
The pseudonymous analyst known as Credible Crypto tells his 339,900 Twitter followers that he believes Bitcoin (BTC) will hit a new all-time high (ATH) in 2023, before altcoins enter their own euphoric phase.
Credible notes that grabbing DOGE at the $0.05 level would be a 20x return back to all-time highs.
“I’ve never bought DOGE before. But I do think that if my thesis plays out and BTC makes a new ATH this year, the mother of all alt seasons will follow and you can bet DOGE will have its place in that. I’ll make my first buy if price comes down to my area of interest – below $0.0500…
Honestly for now just thinking if I can pick it up below $0.0500 at the minimum will be a 20x to old highs. Haven’t even thought about targets after that yet.”
While many analysts are expecting a lengthy consolidation period before any real bull run, Credible has been adamant that BTC is about to go on a parabolic rally to new all-time highs by the end of this year. He says he’s anticipating capital flowing out of altcoins and into BTC during its rally, before flooding back in after the king crypto breaks its new high.
“I expect that as BTC keeps climbing here to $40,000-$50,000+ money flows out of alts (like DOGE) into BTC. This would lead to a slow bleed down on many alts until BTC breaks prior ATH and new money comes flowing in.”
Also on the crypto trader’s radar is Ethereum (ETH) challenger Hedera (HBAR). He says HBAR looks “exceptionally bullish on the higher timeframes, and that he’d be looking to stack more at the $0.05 level.
“BTC must hold $28,000’s for HBAR to hold this level as well. If not, may get a chance at some $0.0500 HBAR again. I wouldn’t be selling HBAR at these levels for a chance at .05 that may never come. However, I would be setting bids between $0.0500-$0.0600 to add to spot holdings in case we DO get that chance. Higher timeframes still exceptionally bullish so in the grand scheme of things this is noise (unless you’re actively hunting for spots to add to your holdings).”
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Featured Image: Shutterstock/Frank Rohde