Bitcoin, the reigning king of cryptocurrencies, has hit a rough patch, taking a noticeable tumble of 5.60% from its recent peak of $70,000 down to $65,390. This drop hints at a change in the air within the crypto world, leaving investors grappling with the challenge of finding solid returns.
In a move that’s caused quite a stir, well-known analyst SlumDOGE Millionaire has sparked a heated debate with a tweet advising against Bitcoin investment during the current bullish phase. Instead, he’s urging enthusiasts to consider alternative coins, suggesting they might hold the key to a 1000x profit.
In his recent tweet, SlumDOGE Millionaire sounded a note of caution against buying Bitcoin during this bull run. He believes the leading cryptocurrency might only yield 3x returns. Even if Bitcoin skyrockets to $200,000 or $250,000, he argues that investors might only see a maximum return of 3.5 times their investment.
Consequently, he advises selling Bitcoin holdings pronto for better investment opportunities.
Read More: Bitcoin (BTC) Price Will Not Drop Below $60K : Predicts Crypto Analyst PlanB
Instead of Bitcoin, SlumDOGE Millionaire recommends diving into alternative coins, particularly those sitting within the top 10-15 ranks of the cryptocurrency market. Coins like DOGE, AVAX, ADA, and SOLANA are on his radar, seen as ripe for significant gains.
Injecting a bit of excitement, SlumDOGE Millionaire brings meme coins into the conversation. With a nod towards coins like BRETT, WIF, PEPE, and FLOKI, which currently hold top positions among meme coins by market capitalization, he envisions a potential 1000x return in this bull run.
High Risk, High Reward
Delving into riskier territory, SlumDOGE Millionaire advocates for smaller market cap coins, ranging from $10 million to $100 million. While acknowledging the heightened risk, he also highlights the tantalizing prospect of massive returns, possibly soaring up to 1000x the initial investment.
Shedding further light on the Bitcoin landscape, chart analyst Ali Martinez points to Bitcoin’s 200EMA on the four-hour chart. This moving average has served as a sturdy support level in recent months, fending off significant downward spirals in Bitcoin’s price since early February.
However, Martinez sounds a word of caution, highlighting the potential fallout of breaching this crucial support level. Referring to mid-January’s scenario, where a dip below the 200EMA led to further Bitcoin losses, Martinez suggests that a breach could see Bitcoin plummeting to the range of $60,000 to $62,000.
While unconventional, SlumDOGE Millionaire’s tweet has stirred up conversations about alternative investment strategies.
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