As an experienced crypto analyst, I’ve closely watched the market trends and price actions of various digital currencies, including Dogecoin (DOGE). Based on my analysis, I share CrediBULL Crypto’s bearish perspective on DOGE’s future price movements.
Expert CrediBull Crypto shares his pessimistic outlook on Dogecoin (DOGE) once more. He explains that Dogecoin’s price may experience a substantial drop depending on the movements in Bitcoin‘s price.
How DOGE’s Price Could “Bleed Down”
As a cryptocurrency analyst, I’ve come across a notable observation from CrediBULL Crypto in a recent post on X (previously Twitter). According to his assessment, there are two possible scenarios that could lead Dogecoin’s price to decline. The first scenario he proposes is if Bitcoin experiences a rejection and downward trend. Based on this analysis, CrediBULL expects that Dogecoin may follow suit and suffer from a similar price drop as a result of Bitcoin’s potential downturn.
CrediBULL Crypto put forth another reason for potential decline in Dogecoin’s price. This could occur if Bitcoin experiences a powerful and captivating surge, drawing liquidity from alternative cryptocurrencies like Dogecoin towards Bitcoin. The analyst expounded on why this situation is probable.
The analyst is convinced that Bitcoin’s price won’t dip below $60,000 again, arguing that this was the bottom. He further anticipates that the cryptocurrency might avoid dipping back into the $62,000 to $63,000 range for some time. In essence, Bitcoin seems poised for growth rather than a decline starting from its present value.
Based on current market trends, CrediBULL Crypto anticipates that Dogecoin may encounter a decrease in available funds when Bitcoin rises in value. This prediction aligns with previous statements made by the analyst, suggesting that Dogecoin could dip as low as $0.05 while Bitcoin reaches a price of $100,000.
Bitcoin’s anticipated rise to $100,000 may draw liquidity away from altcoins such as DOGE. Consequently, Dogecoin might not possess sufficient liquidity to fuel continued growth, potentially leading to a steep price drop. Meanwhile, CrediBULL Crypto intends to sell short on Dogecoin after allowing it to experience a brief price surge to $0.18 first.
Bullish Expectations For Dogecoin
As a dedicated crypto investor, I’ve closely followed the insights of respected analyst Crypto Kaleo. His recent bullish take on Dogecoin resonated with me. He argued that given the current meme supercycle, it’s unlikely that Dogecoin, the “king of memes,” won’t make a powerful surge upward. Therefore, I believe it’s wise for us investors to continue accumulating Dogecoin in preparation for this potential parabolic move.
According to Crypto Kaleo’s analysis, Dogecoin’s current price behavior bears a striking resemblance to the spring of 2021 when the meme coin experienced its initial sharp rise from under $0.01 to $0.10. Consequently, it is expected that DOGE may remain within this range for some time before potentially surging upwards again.
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2024-05-31 01:12