Analyst Delivers Gloomy Prediction For Dogecoin, Price Could Crash Despite Bitcoin Recovery
Release: 2024/05/31 05:04 Reading: 683
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=302852
Dogecoin's Potential Price Decline, as Analyzed by CrediBULL Crypto
Cryptocurrency analyst CrediBULL Crypto has provided his bearish outlook for Dogecoin (DOGE), explaining how the popular meme coin could face a significant decline based on Bitcoin's price movements.
Factors Influencing Dogecoin's Price
CrediBULL Crypto identifies two primary factors that could lead to a drop in Dogecoin's price:
- Bitcoin's Price Action: If Bitcoin experiences a downward trend, Dogecoin is likely to suffer a similar fate due to its correlation with the leading cryptocurrency.
- Liquidity Flow into Bitcoin: A sharp upward surge in Bitcoin's price could attract liquidity away from altcoins like Dogecoin, causing a sell-off and price decline.
Analyst's Expectations
CrediBULL Crypto believes that Bitcoin's price is unlikely to fall significantly below its recent lows, indicating that Dogecoin's decline may be driven by the second scenario.
As Bitcoin moves upward, the analyst anticipates a liquidity drain from Dogecoin and other altcoins, leading to a price drop for the meme coin.
Previous Predictions
CrediBULL Crypto has previously predicted that Dogecoin could fall to as low as $0.05 as Bitcoin rises to $100,000, attributing the decline to the shift of liquidity from altcoins to Bitcoin.
Bullish Perspective
Despite the bearish outlook, other crypto analysts like Crypto Kaleo maintain a bullish stance for Dogecoin. They argue that the "king of memes" is likely to experience an eventual parabolic move upward during the current meme supercycle. Crypto Kaleo suggests that investors should accumulate Dogecoin in anticipation of this surge.
Crypto Kaleo also notes that Dogecoin's current price action resembles the period in Spring 2021 when the coin experienced its first parabolic move. This observation indicates potential for a similar upward trend in the future.
Conclusion
CrediBULL Crypto's bearish predictions for Dogecoin highlight the impact of Bitcoin's price movements on altcoins. However, it is important to note that other analysts maintain a positive outlook for the meme coin, suggesting the need for investors to consider both perspectives when making trading decisions.
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