According to Richard Heart, the founder of proof-of-wait cryptocurrency Hex, Bitcoin is in a bull trap due to the asset’s price shift and volatility in 2021.
Heart told us that Bitcoin is in a bear market that could last another eight to nine months. He made his Bitcoin market prediction based on previous bear markets.
“I believe cryptocurrency is in a bear market… I believe we are currently caught in a trap. These systems are reflexive; there is no base demand; everything is speculative. The previous bear market lasted 364 days; I wouldn’t be surprised if we saw another 8 or 9 months of bear,” said Heart.
Heart’s bear market forecast is based on price analysis from the asset’s peak performance in 2017 and 2021. Bitcoin fell by 85 percent during the previous cycle.
Heart, a Bitcoin mining investor, believes the cryptocurrency can reach $50,000. He points out that based on the asset’s historical price movements, a drop of 85 percent can result in a low of $10,000.
The 2021 Bitcoin volatility saw the top-ranked cryptocurrency surge to an all-time high of $64,800 in mid-April before plummeting by nearly half in recent weeks. The drop was primarily caused by a tightening of regulatory controls in China. Bitcoin, on the other hand, is experiencing a resurgence and is currently trading at $39,300.
Dogecoin is expected to fall even further.
Heart also commented on investing in altcoins such as Dogecoin. He claims that inventors can only profit from such coins if they purchased them before they went viral.
“Anyone who bought DOGE while Musk was promoting it on Saturday Night Live was clearly buying the top. Buying pre-viral items is how you get returns,” Heart explained.
He also made a pessimistic Dogecoin prediction, claiming that the coin’s value could plummet by at least 90%. At the same time, he chastised Tesla CEO Elon Musk for promoting DOGE, accusing him of playing a role in the asset’s decline, which could go as low as 2 cents.
According to Heart, Musk’s accelerated tweets on DOGE haven’t helped the coin’s rise.