Some new data came out today that suggests
that dogecoin is going to skyrocket from here. And this is what we’ll talk about in this
video. Hello guys and Welcome back to crypto fire,
where we talk about dogecoin, cryptocurrency, and investing. Before we go any further, i’d like to congratulate
the winner of the giveaway that ended yesterday. Please send us an email to collect your winnings. Also, we’re starting another giveaway of
a hundred dollars for a random subscriber. All you have to do is like the video, subscribe, and leave a comment on your favourite
cryptocurrency. It’ll end on 4th august. Please read our description for more info
about it! Now, Let's get started with today's video. Before we talk about all the bullish data,
let’s look at dogecoin price for a minute.

Currently, it’s trading at 20 cents, and
it fell by about 2% in the last 24 hours. I know that it’s trading sideways, and i’m
aware how frustrating it is. But as i said, we need to look at some new data that came
out today. The popular analyst, Michael van de poppe,
said that, “Bitcoin price action is currently seeking
to consolidate and create support at a higher bottom after reaching 40k for the first time
in over 6 weeks.” Now, as i’ve been saying, altcoins follow
bitcoin very closely. And michael reminded us about that too. He said that, “The great part is that altcoins are following
suit with Bitcoin and will most likely run towards their other side of the range as well”. Now, there’s more data that suggests that
we’re going to go up from here. I’ll talk about it
in a minute. Coming back to it, let’s look at something
really fascinating. Many people talk about how bitcoin and dogecoin
are not serving as a good hedge against inflation.

But some facts prove them wrong. According to CNBC, if you had invested 1,000
dollars in bitcoin in July last year, you would be sitting with 38000 right now. And if you zoom out more, the growth curve
becomes more shocking. if you had invested 1,000 dollars in bitcoin
in July 2016, you would be sitting with 59000 dollars right now. And the last one is really bonkers. if you had invested 1,000 dollars in bitcoin
in July 2011, you would be sitting with 2.8 million dollars right now. That’s a 280000
percent growth in 10 years. And you have to keep this in mind as i tell
you about the next prediction. According to Bobby Lee, a crypto specialist,
Bitcoin's price will skyrocket by the end of 2021. This is interesting because Lee is the same
man who accurately predicted a 50% drop in Bitcoin when it approached 70k. He believes that bitcoin will sail beyond
its current all-time high and we’ll see a massive rally by the end of the year. And
i think we’ve established what will happen to dogecoin after that.

So, he said that, “I don’t officially give financial advice,
but personally I’m confident that the latter half of this year, Bitcoin will go back above
65k. I think it’ll peak out over 250k later this year.” And after that, he said something truly spectacular.
He said that, “I think Bitcoin will have its bull cycle
every three or four years in the coming years. I expect Bitcoin to pass a million, two million
dollars easily in the next 10 to 15 years. In fact, in the next cycle, which will happen
in 2024, Bitcoin will cross half a million dollars, and might even touch 1 million.”
Now, if you put everything together, this doesn’t seem far fetched. As i said, Bitcoin
gave out a 280000% return in just 10 years. So, this is definitely possible. Now, let’s look at some more fascinating
data about crypto. According to on-chain specialists, there is
no need for extra demand for these cryptos to rise from here.

And there are three reasons
behind this. The first is that the outflow of Bitcoin from
exchanges has significantly increased. This is an indicator of stockpiling on spot markets. and this increase in outflow implies a decrease
in selling pressure. basically, large investors think they would
be able to survive a bearish sell-off. There is no need for significant demand for the
price to climb further. The second reason is that, every day for more
than a week, bitcoin’s price has climbed. And the third reason is the amount of funds
flowing into the grayscale bitcoin trust has increased. Many analysts believe that it’s
a good indicator of where we’re going from here. the point is that The GBTC premium index has
rebounded significantly after falling really low in the last 2 weeks.

Daniel Joe, a BTC blockchain specialist, tweeted
something really interesting. He said that, The recent bullish price action in BTC is
aiding daily momentum in pushing closer to a break above neutral. When this occurs, we
need to observe higher levels of follow-through to validate the situation. Strong confirmation
and validation will definitely propel BTC to 44k to 45k. Now, there are 2 more reasons that this article
doesn’t even talk about. Before we look at it, i’d like to remind
you that i’m not a financial advisor and this isn’t financial advice. So, you should
do proper research before investing anything into crypto. Coming back to it, take a look at this. Over the previous year, about 54 percent of
the Bitcoin in circulation has not been transferred. Similar figures were presented by the crypto
specialist, Philip Swift. According to him, upto 60% of Bitcoin in circulation
has not been moved on the blockchain in at least a year. And the fifth reason is that BTC addresses
with at least 100 to 10,000 BTC have bought about 40k more coins in the last ten days,
and 130k in the last five weeks.

So, as i’ve said before, the market is turning
really bullish. More and more people are starting to hold and accumulare. And this is great
for dogecoin because we can definitely see it go up from here. Now, before we move onto some really exciting
news for doge, let’s talk about some bad news that came out today. Recently, scott attorneys filed a securities
class action lawsuit against coinbase.

Basically, they think that coinbase public offering in
april was misleading. According to the lawsuit, the registration
statement and prospectus used for the company's offering were deceptive. Now, i’m not sure if that’s really true
or not. But we still have to keep an eye on this because coinbase is one of the biggest
exchanges where people get their dogecoin. But i still think coinbase will be in the
clear again, just like it managed to get out of the giveaway lawsuit last month. Now, let’s move onto dogecoin. A cafe in louisville is rebranding itself
as dogebean. They’re most probably doing this to cash in on the rising popularity of
doge. And i think it might just work out really well for them. Its founder said that crypto accounts for
25% of all of their income. And now, they’ll be accepting payments in doge too. This just implies that a majority of their
existing customers will be more inclined to choose doge over other cryptos after their
rebranding. And while it might not be a huge deal, we
can definitely take it as another step towards mass adoption for dogecoin.

And with that, we've come to the end of this
video. Thanks for watching till the end; if you enjoyed it, please consider liking and
sharing it With your friends. Also, please subscribe to the channel and turn on post
notifications for daily videos on dogecoin and cryptocurrency. If you have any questions
or suggestions, please leave them in the comments section below. Goodbye,
Take care!.

You May Also Like