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November 17, 2023

Crypto Analyst Updates Outlook on Bitcoin (BTC), Dogecoin (DOGE) and One Top AI Altcoin

By Daily Hodl Staff

A widely followed crypto trader is taking a look at king crypto Bitcoin (BTC) while diving into two top altcoin projects.

Crypto analyst Rekt Capital tells their 368,900 followers on the social media platform X that history repeating itself could have two very different outcomes for BTC over the coming months.

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“If 2016 history repeats – Bitcoin will probably continues sideways until two months before the Halving.

If 2019 history repeat – Bitcoin could see one final deeper retracement going into the Halving 2024.”

Source: Rekt Capital/X

Bitcoin halving is a feature of the Bitcoin blockchain algorithm that reduces the reward for mining new Bitcoin by 50%. The next halving event is expected in April 2024.

BTC is worth $36,024 at time of writing, down 3% on the week.

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Taking a look at Dogecoin (DOGE), Rekt Capital says the top memecoin now has a confirmed break out to the upside.

“Weekly Close above Channel Top resistance.

Successfully retested Channel Top into new support.

Now enjoying trend continuation to the upside after a confirmed breakout.

DOGE has rallied over +50% since the Channel Bottom…

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DOGE has confirmed a breakout from its Channel.”

Source: Rekt Capital/X

DOGE is worth $0.0801 at time of writing, up 9% over the last seven days.

Finally, the analyst breaks down Ocean Protocol (OCEAN), project that aims to enable users to access and monetize data using artificial intelligence (AI). According to the trader, OCEAN is showing signs of making even bigger waves.

“OCEAN showing signs of successfully retesting the local area as support (green).

This has been the case for three consecutive weeks.

Continued price stability here should precede upside to $0.48 (red).”

Source: Rekt Capital/X

OCEAN is trading for $0.395 at time of writing, down 7.3% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/betibup33