Shiba Inu and Dogecoin won’t have a happy ending in 2022, according to Christopher Vecchio
Christopher Vecchio, chief currency strategist at IG Group subsidiary DailyFX, recently told Yahoo Finance that he would be surprised if Shiba Inu and Dogecoin had a good year 2022.
He believes that only Elon Musk can save these coins by “inflating” them on Twitter:
“I’d be surprised if Dogecoin and Shiba Inu have a good year unless someone like Elon Musk pushes them on Twitter.”
Despite being pessimistic about Bitcoin, Vecchio believes the king will be the least affected cryptocurrency. However, altcoins and memes will suffer “deeper and deeper” losses, the analyst predicts.
Vecchio adds that Bitcoin, along with the broader crypto market, is going through a “crisis of confidence” after BTC failed to hit its $ 100,000 target, as predicted by an inflated S2F model, Fundstrat’s Tom Lee analysis, and many others .
He also pointed out the fact that on-chain transactions have decreased along with the number of active wallets.
Bitcoin ended 2021 at $ 46,439 on the Bitstamp exchange, the highest year-end ever. However, the leading cryptocurrency is also down 31.74% from the current record.
Many market participants who had expected six-figure prices this year could continue to disappoint.
Vecchio claims that 2021 is the “launch year” for Impulse, but he says things will be significantly different this year.
The US Federal Reserve is also on course to raise interest rates.
Additionally, the Democrats are unlikely to retain control of the White House and House of Representatives, which could lead to deficit cuts:
“Risk impulses are beginning to shift … This speculative zeal can, to a certain extent, die.”
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