Crypto Analyst Updates Outlook on Bitcoin (BTC), Dogecoin (DOGE) and One Top AI Altcoin
A widely followed crypto trader takes a look at King Crypto Bitcoin (BTC) while diving into two top altcoin projects at the same time.
Crypto analyst Rekt Capital tells his 368,900 followers on social media platform X that history repeating itself could lead to two very different outcomes for BTC in the coming months.
“If history repeats itself in 2016, Bitcoin will likely continue to trend sideways until two months before the halving.”
If history repeats itself in 2019, Bitcoin could experience a final deeper decline until the 2024 halving.”
Source: Rekt Capital/X
Bitcoin halving is a feature of the Bitcoin blockchain algorithm that reduces the reward for mining new Bitcoins by 50%. The next halving is expected in April 2024.
At the time of writing, BTC is worth $36,024, down 3% on the week.
Looking at Dogecoin (DOGE), Rekt Capital says the top memecoin now has a confirmed breakout to the upside.
“Weekly close above resistance at upper edge of channel.
Channel Top was successfully retested for new support.
After a confirmed breakout, we are now enjoying a continuation of the upward trend.
DOGE is up over 50% since the channel low…
DOGE has confirmed a breakout from its channel.”
Source: Rekt Capital/X
DOGE is worth $0.0801 at the time of writing, up 9% in the last seven days.
Finally, the analyst explains the Ocean Protocol (OCEAN), a project that aims to allow users to access and monetize data using artificial intelligence (AI). According to the trader, OCEAN is showing signs of making even bigger waves.
“OCEAN is showing signs of a successful retest of the local range as support (green).
This has been the case for three weeks in a row.
Continued price stability should precede a rise to $0.48 (red) here.”
Source: Rekt Capital/X
At the time of writing, OCEAN is trading at $0.395, down 7.3% on the day.
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