Experienced Analyst Announced Bitcoin and Dogecoin Positions, Shared His Strategy!

In a recent Twitter update, renowned cryptocurrency analyst and trader, Tree, shared his current positions and insights on Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) with his followers. Tree disclosed that he holds $5.6 million worth of BTC longs, acquired at an average entry price of $26,535, resulting in a profit of $730,000.

Additionally, Tree revealed a long DOGE position worth $1.4 million, purchased at an average entry price of $0.082. Unfortunately, this position is currently in a loss of $317,000. Reflecting on his decision, Tree admitted making a mistake by only partially closing his DOGE long position. While he believes DOGE is undervalued at current prices, he expressed concerns about the coin’s reliance on Elon Musk’s tweets and actions.

The tree also shared details of a spot-long position on Ethereum, holding 1,475 ETH at an average entry price of approximately $1,600. He expressed optimism that ETH would appreciate in US dollars, even if it experiences a decline against BTC. Tree encouraged his followers to be cautious of any mentions regarding “SEC + ETF” and to stay alert for potential ETH spot ETF applications in the future, particularly following the approval of a BTC ETF.

Regarding his BTC long position, Tree expressed his intention to hold it for the remainder of the year or longer. He closely monitors the potential approval of a Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Tree finds the SEC’s recent engagement with the industry as a positive signal for the likelihood of acceptance.

Tree’s positions and insights provide valuable guidance to his followers, as he navigates the dynamic landscape of cryptocurrencies, focusing on BTC, ETH, and DOGE. As he continues to evaluate market trends and regulatory developments, Tree remains committed to sharing his expertise with the crypto community.