A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, is now pointing to a ‘crazy bullish’ Dogecoin ($DOGE) chart.
In a tweet shared with their over 200,000 followers on the microblogging platform, pseudonymous crypto analyst Smart Ctracter revealed they are considering allocating their Bitcoin ($BTC) holdings into $DOGE “for the next few months atleast” as the DOGE/BTC chart is the “most crazy bullish” thing he has seen in “a long time.”
The analyst pointed to a year-long inverted head and shoulders pattern “that barely any people are even talking about” as the reason for the chart to look as bullish as it does. A head and shoulders pattern, it’s worth noting, is a chart formation that predicts a bullish-to-bearish trend reversal, meaning an inverted one means a bearish-to-bullish reversal.
The pattern is characterized by a baseline with three peaks, where one is larger than the other two, resembling a head and two shoulders. It’s considered one of the most reliable trend reversal patterns.
In a separate tweet, Smart Contracter noted that DOGE/BTC has the “most insane looking high timeframe accumulation going on,” and that he hasn’t seen “something that looks like such clean accumulation like this in a long time.” Per his words, if he revisits the chart in a year “$DOGE will be a lot higher than $0.065.”
At the time of writing, $DOGE has surged along with other digital assets and is now trading at $0.079 per token. The cryptocurrency’s all-time high was $0.74 after search interest for the meme-inspired cryptocurrency exploded.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then-all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured Image via Unsplash