The crypto analyst CrediBULL Crypto has expressed pessimistic predictions for Dogecoin (DOGE), linking its possible significant decline to Bitcoin’s price movements.
Potential Scenarios for DOGE’s Price Decrease
CrediBULL Crypto outlined two scenarios in a recent post on X. Firstly, if Bitcoin faces a downturn, Dogecoin is likely to follow suit and experience a price drop. Secondly, if Bitcoin undergoes a massive surge that diverts attention and liquidity from altcoins like Dogecoin, the latter’s price may suffer as a result.
CrediBULL Crypto believes that Bitcoin has already hit its bottom at $60,000 and is unlikely to revisit the $62,000-$63,000 range soon, hinting at a potential upward trend. Consequently, Dogecoin might face a liquidity drain as attention shifts to Bitcoin’s rise.
The analyst has previously suggested that Dogecoin could plummet to $0.05 as Bitcoin approaches $100,000, indicating that Bitcoin’s surge to such levels could drain liquidity from altcoins like DOGE, hindering their ability to maintain an upward trajectory.
Positive Outlook for Dogecoin
In contrast, crypto analyst Crypto Kaleo offered an optimistic view of Dogecoin, highlighting the potential for a parabolic upswing amidst the meme supercycle. He advised investors to continue accumulating Dogecoin in anticipation of this expected surge.
Crypto Kaleo drew parallels between Dogecoin’s current price action and its past performance in Spring 2021, suggesting that DOGE may consolidate around current levels before embarking on an upward trajectory.
