- Insider spoke to Richard Heart about his cryptocurrencies hex and pulse.
- Heart said he thinks we are three months into a year-long bitcoin bear market.
- He criticized Elon Musk and predicted dogecoin will collapse to just 2 cents from around 22 cents now.
Richard Heart – a Fort Lauderdale-based serial entrepreneur who has mined cryptocurrencies since 2011 – has bad news for bitcoin investors.
“I think crypto is in a
… I think we’re in a bull trap right now,” he told Insider. “These systems are reflexive, they don’t have base demand, it’s 90% speculation.”
“The last bear market lasted 364 days – I wouldn’t be surprised if we saw 8 or 9 more months of bear,” he added.
Bitcoin has been volatile in 2021, soaring from under $30,000 at the start of the year to an all-time high of almost $65,000, before collapsing back towards $30,000 within a couple of months. It’s currently holding around $40,000, having posted a gain of 18.4%. in July, its largest one-month increase since March.
Heart based his bitcoin bear market prediction on the fact that the cryptocurrency fell 85% from its peak during the previous cycle. He said that analysis of historical price shifts had enabled him to call the different peaks in both 2017 and 2021.
“Maybe we’ll test the right shoulder and hit $50,000 in bitcoin, but we might start going down right now,” he said, referring to part of a “head-and-shoulders’ pattern on the charts. “Historically, when bitcoin falls out of its parabola, it drops 85%. It probably won’t be at $10,000 for long, but it will hit that low.”
“The future doesn’t match the past, but it rhymes,” he added.
Heart, who previously sold car stereos, search-engine optimization programs, and mortgages, has founded two cryptocurrencies. Hex is an alternative to bitcoin that uses a “proof of wait” rather than “proof of work” algorithm, while he markets his new token pulse as an environmentally-friendly alternative to ethereum’s ether.
Heart also commented on altcoins, arguing that investors could only make money off these cryptocurrencies if they invested at the “pre-viral” stage. He pointed to dogecoin – the joke token beloved by figures such as Elon Musk and Mark Cuban – as an example.
“If someone bought doge when Musk was shilling it on Saturday Night Live, they were clearly buying the top,” Heart said. “Buying things that are pre-viral is how you get returns.”
Heart said he thought that dogecoin could plummet by over 90% from its current price, and criticized Musk’s public support for the token.
“Elon Musk isn’t helping – he tweets about this garbage,” he said. “When he went on SNL, doge was 65 cents, now it’s 22 cents, and I think it could fall as low as 2 cents.”
“Why’s he doing that? He thinks it’s funny but people are going to lose their life savings,” he added.