Here’s What Top Analysts Say: Avoid Purchasing Bitcoin if You Seek a 1000x Return
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Key Takeaways
Bitcoin’s price has dropped by 5.60% to $65,390 from its recent peak of $70,000, reflecting a shift in market sentiment.
Prominent analyst SlumDOGE Millionaire advises against investing in Bitcoin and suggests exploring alternative coins for potential returns of 1000x.
Chart analyst Ali Martinez highlights Bitcoin’s 200EMA as a crucial support level, but warns of potential downside if it is breached.
Bitcoin, the world’s largest cryptocurrency, has experienced a significant decline, losing 5.60% of its value and dropping to $65,390 from its recent peak of $70,000. This decline indicates a change in sentiment within the crypto market, with investors facing increasing challenges in generating high returns.
In the meantime, renowned crypto analyst SlumDOGE Millionaire has sparked a debate in the cryptocurrency community with a tweet advising against investing in Bitcoin during the current bull run. Instead, he suggests exploring alternative coins that he believes could offer returns of 1000x.
Avoid Bitcoin Purchases
In a recent tweet, SlumDOGE Millionaire warns investors against purchasing Bitcoin during the ongoing bull run, claiming that the leading cryptocurrency may only provide returns of up to 3x.
For those looking to make substantial profits during this bull run, I advise against buying #Bitcoin. The maximum return you can expect is 3x at best. Even if #BTC reaches $200K, that’s as much as you’ll get. In the best-case scenario, it might reach $250K. Still only a 3.5X return… — SlumDOGE Millionaire (@ProTheDoge) April 5, 2024
He predicts that even if Bitcoin reaches $200,000 or $250,000, investors may only see a maximum return of 3.5 times their investment. As a result, he advises holders to sell their Bitcoin immediately and seek better investment opportunities.
Alternative Coins for 1000x Returns
Instead of Bitcoin, SlumDOGE Millionaire recommends investing in alternative coins, particularly those ranked in the top 10-15 of the cryptocurrency market, such as DOGE, AVAX, ADA, and SOLANA, which he believes have significant potential for gains.
Furthermore, he suggests considering meme coins like BRETT, WIF, PEPE, and FLOKI, which currently rank in the top 10 meme coins by market capitalization. SlumDOGE Millionaire believes these coins have the potential to provide returns of 1000x during this bull run.
According to SlumDOGE Millionaire, investing in smaller market cap coins, ranging from $10 million to $100 million, carries higher risks but also offers the potential for massive returns, possibly up to 1000x the initial investment.
Bitcoin’s Potential Drop to $62k, IF…
Supporting SlumDOGE Millionaire’s advice, chart analyst Ali Martinez highlights Bitcoin’s 200EMA on the four-hour chart and notes its consistent role as a strong support level in recent months. Since early February, the 200EMA has effectively prevented significant downward movement in Bitcoin’s price.
However, Martinez also warns of the potential consequences if the support level is breached, citing the example of mid-January when a break below the 200EMA resulted in further losses for Bitcoin.
Nevertheless, Martinez believes that if this crucial support level is breached, Bitcoin could potentially experience a downturn, with its price declining to the range of $60,000 to $62,000.
While SlumDOGE Millionaire’s advice may seem unconventional, it has sparked discussions about alternative investment strategies in the cryptocurrency market.