Crypto Analyst CrediBULL Crypto once again revealed its bearish expectations for Dogecoin (DOGE). The analyst explained how the top coin could decline significantly depending on Bitcoin Price Action.
How DOGE Price Could “Bleed”
CrediBULL Crypto mentioned in an X (formerly Twitter) job that there are two ways to The price of Dogecoin could reject and bleed. The first way he claimed is that Bitcoin rejects and bleeds. He expects that a potential downward trend in the flagship crypto will also cause Dogecoin to suffer a similar fate and experience a price drop down list.
Meanwhile, the second way CrediBULL Crypto claimed Dogecoin price could drop is if Bitcoin makes a parabolic movement so “big and strong” that it captures everyone’s attention and liquidity starts flowing from altcoins like Dogecoin to the flagship crypto. The analyst further explained why the second scenario would likely come true.
The analyst believes that the price of Bitcoin is unlikely to fall again, saying that the the bottom was already at $60,000 and that the crypto token may not even return to $62,000-$63,000 anytime soon. In other words, Bitcoin is more likely to trend upwards than downwards from its current price level.
Therefore, CrediBULL Crypto expects Dogecoin to experience liquidity flight when Bitcoin moves higher. This is not the first time the crypto analyst has made such a prediction. Before now, he mentioned that Dogecoin could drop to $0.05 like Bitcoin climbs to $100,000.
He claimed that Bitcoin would likely suck liquidity from altcoins like DOGE as it rises to $100,000. As such, the top meme coin will not have enough liquidity to support an uptrend, which could cause its price to drop significantly. With this in mind, CrediBULL Crypto revealed that he will look to short Dogecoin, although he added that he would wait for the meme coin to benefit from a relief pump to $0.18 before doing so.
Bullish expectations for Dogecoin
Crypto Analyst Crypto Kaleo recently provided a bullish narrative for Dogecoin. He suggested there was no way the “meme king” wouldn’t end up making a parabolic move upwards, given that this is a meme supercycle. He urged crypto investors to “keep stacking” in anticipation of this move Dogecoin.
Crypto Kaleo also revealed that Dogecoin’s current price action is “incredibly similar» until spring 2021, when the meme coin recorded its first parabolic move from below $0.01 to $0.10. Based on this, Crypto Kaleo predicts that DOGE will likely trade around this range for some time before experiencing an upward trend.
Featured image created with Dall.E, chart from Tradingview.com
