A top cryptocurrency analyst is naming one digital asset that could spike amid Elon Musk’s plans to acquire Twitter.
Pseudonymous crypto trader Altcoin Sherpa tells his 174,200 Twitter followers that Dogecoin (DOGE) could present “interesting trade opportunities” as the process to buy Twitter plays out.
Elon Musk is a staunch Dogecoin fan who in December of 2021 said that the dog-themed crypto asset was a better currency than anything else he had come across.
“DOGE: I’m not expecting a sustained DOGE rally for a bit. In my opinion, the dog coin usually goes strongly when retail starts to pile in, marking close to the end of a cycle. That said, Elon Musk buying Twitter might create some interesting trade opportunities.
I expect this to mainly chop and accumulate for now with some crazy Elon Musk spikes in between.”
DOGE rallied by slightly over 15% earlier this week after Twitter’s board announced it had accepted Musk’s bid to buy the micro-blogging platform.
Dogecoin is trading at $0.1399 at time of writing.
Altcoin Sherpa is also analyzing the two largest cryptocurrencies by market cap. The crypto trader says that Ethereum (ETH) has a more bullish market structure relative to Bitcoin (BTC).
“ETH: Unlike BTC, ETH is still decently above its last lows and still has a bullish market structure (BTC does too but its closer). Would like to see a higher low formed for Ethereum. I think that it’s still at the mercy of BTC though, as always- if BTC tanks, so will ETH.”
In the case of the Ethereum/Bitcoin pair, the crypto trader predicts that ETH/BTC is likely to continue to range for weeks at the minimum.
“ETH/BTC: This has been chopping around for a year, not really doing much. I don’t expect any big moves from this until BTC is in a healthy place and I think that we just continue more consolidation for weeks/months.”
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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/Natalia Siiatovskaia/Tithi Luadthong
