Bitcoin at $ 10,000, Dogecoin at $ 0.02

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Insider spoke to Richard Heart about his hex and his cryptocurrency pulse. Heart said he believed we were three months away from a one-year bitcoin bear market. He criticized Elon Musk and predicted the dogecoin would collapse to just 2 cents from around 22 cents now.

Richard Heart – a Fort Lauderdale-based serial entrepreneur who has been mining cryptocurrencies since 2011 – has bad news for bitcoin investors.

“I think crypto is in a bear market, I think we are in a bull trap right now,” he told Insider. “These systems are reflective, they have no basic demand, this is 90% speculation.”

“The last bear market lasted 364 days – I wouldn’t be surprised if we saw another 8 or 9 months of decline,” he added.

Bitcoin has been volatile in 2021, rising from less than $ 30,000 at the start of the year to an all-time high of nearly $ 65,000, before falling back to $ 30,000 in a matter of months. He currently holds around $ 40,000, after posting a gain of 18.4%. in July, its largest month-on-month increase since March.

Heart based his prediction of the bitcoin bear market on the fact that the cryptocurrency has fallen 85% from its peak in the previous cycle. He said analyzing historical price changes allowed him to call out the various peaks in 2017 and 2021.

“Maybe we’ll test the right shoulder and hit $ 50,000 in bitcoin, but we could start going down right now,” he said, referring to part of a “head and ditch pattern. ‘shoulders on the graphics’. falls from its parabola, it drops by 85%. It probably won’t be $ 10,000 for long, but it will hit that low. ”

“The future is not the past, but it rhymes,” he added.

Heart, which previously sold car radios, search engine optimization programs and mortgages, founded two cryptocurrencies. Hex is an alternative to bitcoin that uses a “proof-of-wait” rather than “proof-of-work” algorithm, while it markets its new token pulse as a green alternative to Ethereum’s ether.

Heart also commented on altcoins, saying investors can only make money with these cryptocurrencies if they invest at the “pre-viral” stage. He cited dogecoin – the joke token adored by figures such as Elon Musk and Mark Cuban – as an example.

“If someone was buying doge while Musk was selling it on Saturday Night Live, he was clearly buying the top,” Heart said. “Buying things that are pre-viral is how you get feedback.”

Heart said he believed dogecoin could drop more than 90% from its current price, and criticized Musk’s public support for the token.

“Elon Musk isn’t helping – he’s tweeting about this garbage,” he said. “When he went on SNL, doge was 65 cents, now it’s 22 cents, and I think he could drop as low as 2 cents.”

“Why is he doing this? He thinks it’s funny but people are going to lose their savings,” he added.

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