Trader Who Called 2022 Bitcoin Bottom Says One Dogecoin And Shiba Inu Rival Heading To Zero – Here’s The Timeline
A widely followed trader who called the November 2022 Bitcoin (BTC) bottom warns that a memecoin will implode after making big gains.
Pseudonymous trader DonAlt says his 484,600 Twitter followers like Dogecoin (DOGE) and Shiba Inu (SHIB) rival Pepe (PEPE) will eventually break down to zero.
His chart shows Pepe’s sudden fall after skyrocketing within weeks, and he predicts that the memecoin will be worth nothing in three to five years.
“Where does PEPE go next?
Spoiler alert: The answer is zero. You just have to wait three to five years for it to hit its target.
Pepe is trading at $0.00000159 at the time of writing, down 16.1% in the last 24 hours.
The meme token is down 62.74% from its all-time high of $0.00000431, which it reached on May 5th. Pepe, the 65th largest crypto by market cap, had skyrocketed in a matter of weeks from an all-time low of $0.000000055142, which it recorded on April 18.
Next, DonAlt weighs in on Bitcoin. He tracks the royal crypt is likely to continue to fall in value in the near future.
“BTC Update:
Slow bleeding has been very accurate. Every bounce so far has simply forced the shorts out of their overzealous position.
A beautiful display of maximum pain for leverage traders. I doubt it will stop anytime soon, but would like to be surprised.”
DonAlt too says that Bitcoin faces headwinds from the crackdown on crypto from US regulators. He says he plans to reinvest in BTC after the US anti-crypto crackdown subsides.
“At $16,000 we were so undervalued that anything could have happened and we would hardly have budged.
For $30,000, it’s a different story.
I feel like people have forgotten that the US government is actively trying to kill this space.
I will personally give them some time to fail and then I will buy the coins.”
DonAlt is too predict Bitcoin will fall to the $26,700 level in the short term. He also says Bitcoin will chop around for a while and likely won’t make a break to the upside until trading volume cools.
“I wasn’t kidding when I said that the majority of influencers are going to lose all their money in this environment.
This will not stop until trading volumes are close to zero IMO (in my opinion). First nuke longs, then shorts, then go sideways with big impulses on either side to kill the rest.”
Bitcoin is trading at $27,161 at the time of writing, down 3.9% in the last 24 hours.
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Featured image: Shutterstock/Profil_zero/WindAwake
