Pseudonymous Veteran Trader DonAlt Is Cautious About the Prospects of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) but Remains Bullish on Their Near-Term Future

Pseudonymous veteran trader DonAlt is cautious about the prospects of Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD but remains bullish on their near-term future.

Pseudonymous veteran cryptocurrency trader DonAlt remains cautiously optimistic about the prospects of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) but expressed skepticism about some aspects of their performance.

DonAlt’s Latest Insights: In the latest episode of the Technical Roundup podcast, DonAlt discussed his views on the major cryptocurrencies.

He noted that Ethereum has been underperforming Bitcoin significantly but hasn’t completely “washed out” yet.

The trader expressed doubts about Bitcoin reaching $1 million in the next 10 years but suggested it could eventually replace gold as a store of value over the next century.

DonAlt also shared his thoughts on Ethereum, describing its current state as “mediocre” and “not bad,” indicating it’s currently underappreciated.

He disclosed having a small position in ETH but admitted it’s not based on strong reasoning.

DonAlt highlighted some positive signs on the ETH/USD chart, including potential support levels and a possible inverse head and shoulders pattern.

However, he noted being overall frustrated with the cryptocurrency’s performance, particularly on the ETH/BTC ratio.

DonAlt mentioned being bullish on Bitcoin since $58,000, indicating he would become cautious if the price dropped below $61,500, and bearish below $58,000.

Meme Coins, Dogecoin In Focus: After previously being bearish on meme coins and correctly predicting that most would lose value, DonAlt reiterated his view that meme coins are essentially useless and should be treated like lottery tickets.

While some major meme coins like Pepe (CRYPTO: PEPE) and Woof (CRYPTO: WOOF) have declined significantly, others like Dogecoin have held up better.

For Dogecoin specifically, he noted that it’s currently “boring” and trading around a support level of $0.10.

He suggested that buying at this level could be a reasonable bet on the market recovering, with a stop-loss if it drops below $0.10.

However, DonAlt warned that investing in Dogecoin could mean holding a sideways-trading asset for several years.

DonAlt also shared his approach to stop losses, preferring to reassess their position if certain levels are breached rather than using automatic stop losses.

His strategy involves converting leveraged positions into spot trades if the market moves against him but he still believes in the long-term potential.

DonAlt’s bullish stance on Bitcoin since $58,000 and his cautious optimism on ETH and DOGE could provide valuable insights for traders interested in the major cryptocurrencies.

His perspective on meme coins as lottery tickets and his approach to stop losses also offer interesting points of view for investors navigating the volatile cryptocurrency market.