Recently, there have been exciting predictions and speculations about a wave of altcoin season among cryptocurrency market investors and experts. Among these forecasts, a popular cryptocurrency trader also expects a significant rise for Elon Musk’s favorite Dogecoin (DOGE).
Altcoin season is a time when prices of other cryptocurrencies other than major cryptocurrencies like Bitcoin increase. This season is often triggered by investors turning to risky but potentially high-yielding investments. Altcoin season is usually associated with a big move in the cryptocurrency market and can present serious opportunities for many investors.
The pseudonymous analyst known as Credible Crypto believes that Bitcoin (BTC) may reach an all-time high (ATH) in 2023 before altcoins take off. believes. Credible thinks it will be very advantageous to catch DOGE at the $0.05 level.
“I’ve never bought DOGE before. But if my thesis comes true and BTC makes a new ATH this year, the biggest of altcoin seasons will follow and you can bet that DOGE will take its place in this rally. If the price falls to my area of interest, I will make my first purchase – below $0.0500…
Honestly, I think for now if I can only get the minimum below $0.0500, it will be 20x to the old highs. I haven’t thought about the next goals yet.”
While many analysts expect a long period of consolidation before any bull run, Credible thinks BTC is about to hit all-time highs by the end of this year. Moreover, the analyst expects capital flows from altcoins and to BTC during the rally as Bitcoin moves to its new high:
“As BTC continues to climb to $40,000-50,000 here, I expect money flow from altcoins (like DOGE) to BTC. This will lead to a slow decline on many altcoins until BTC breaks before ATH and new money flows.”
Another cryptocurrency that the trader is following is Hedera (HBAR). The analyst says HBAR is “exceptionally bullish on higher timeframes.
“BTC needs to protect $28,000 for HBAR to stay at this level as well. Otherwise, there could be a chance at HBAR for $0.0500 again. Maybe I wouldn’t sell HBAR at these levels for the 0.05 chance that will never come. However, in case we get such a chance, I’m setting bids between $0.0500-$0.0600 to add in the spot. It still rises exceptionally on higher timeframes, so overall it’s just noise (unless you’re actively looking for space to add to your assets).
You can follow the current price action here.