CrediBULL Crypto Cryptocurrency Analyst He once again revealed his bearish forecast for Dogecoin (DOGE). The analyst explained how the main meme coin could fall significantly based on this Bitcoin price movement.
How DOGE Price Can “Bleed”
CrediBULL Crypto was mentioned in an X (formerly Twitter) mail There are two ways to do this Dogecoin price It can reject and bleed. The first way he claimed is if you reject Bitcoin and bleed. He predicts that a potential downtrend for the flagship cryptocurrency will also cause Dogecoin to suffer and experience a similar fate Price drop down menu.
Meanwhile, the second way CrediBULL Crypto has claimed that the price of Dogecoin could fall is if Bitcoin coins… Equivalent step So “big and powerful” that it attracts everyone’s attention and liquidity starts flowing from altcoins like Dogecoin to the main cryptocurrency. The analyst also explained why the second scenario is most likely to occur.
The analyst believes that the price of Bitcoin is unlikely to fall again, claiming that… The bottom was already at $60,000 And that the crypto token may not even return to between $62,000 and $63,000 anytime soon. In other words, Bitcoin is more likely to have an uptrend than a downtrend from its current price level.
Therefore, CrediBULL Crypto expects Dogecoin to experience a liquidity drain when Bitcoin moves in an upward trend. This is not the first time a cryptocurrency analyst has made such a prediction. Before now, it is Mentioned That Dogecoin could drop to $0.05 like Bitcoin It goes up to $100,000.
He claimed that Bitcoin will likely absorb liquidity from altcoins like DOGE as it moves to $100,000. As such, the first meme coin will not have enough liquidity to maintain the upward trend, which could cause its price to fall significantly. In line with this, Creditpool Crypto open He will look to short Dogecoin although he added that he will wait until the meme coin has a relief pump of $0.18 before doing so.
Bullish forecast for Dogecoin
Crypto Kaleo Cryptocurrency Analyst I recently provided a bullish narrative for Dogecoin. he Proposal It was not possible for the “King of Memes” to eventually make a parabolic move to the upside, given that this is a super meme cycle. He urged cryptocurrency investors to “keep stacking” in anticipation of the move Dogecoin.
Crypto Kaleo also revealed that the current price action of Dogecoin is “Incredibly similar“To the spring of 2021 when the memecoin recorded its first parabolic movement from below $0.01 to $0.10. Based on this, Crypto Kaleo expects that Doug It will likely trade around this range for a while before enjoying an uptrend.
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