Crypto analyst CrediBULL Crypto has again revealed his bearish expectations for Dogecoin (DOGE). The analyst explained how the foremost meme coin could decline significantly based on Bitcoin’s price action.
How DOGE’s Price Could “Bleed Down”
CrediBULL Crypto mentioned in an X (formerly Twitter) post that there are two ways that Dogecoin’s price could reject and bleed down. The first way he claimed is if Bitcoin rejects and bleeds down. He expects that a potential downward trend by the flagship crypto will also cause Dogecoin to suffer a similar fate and experience a price dropdown.
Meanwhile, the second way in which CrediBULL Crypto claimed that Dogecoin’s price could decline is if Bitcoin makes a parabolic move so “big and strong” that it captures everyone’s attention and liquidity begins to flow from altcoins like Dogecoin into the flagship crypto. The analyst further explained why the second scenario will likely play out.
The analyst believes that Bitcoin’s price is unlikely to bleed down again, claiming that the bottom was already in at $60,000 and that the crypto token may not even revisit between $62,000 and $63,000 anytime soon. In other words, Bitcoin is more likely to enjoy an upward trend than a downward one from its current price level.
Therefore, CrediBULL Crypto expects Dogecoin to experience a liquidity drain when Bitcoin moves to the upside. This isn’t the first time the crypto analyst has made such a prediction. Before now, he mentioned that Dogecoin could drop to as low as $0.05 as Bitcoin climbs to $100,000.
He claimed that Bitcoin will likely suck liquidity from altcoins like DOGE as it makes that move to $100,000. As such, the foremost meme coin won’t have enough liquidity to sustain an upward trend, which could cause its price to decline significantly. In line with this, CrediBULL Crypto revealed that he will be looking to short Dogecoin although he added that he will wait for the meme coin to enjoy a relief pump to $0.18 before doing that.
Bullish Expectations For Dogecoin
Crypto analyst Crypto Kaleo recently provided a bullish narrative for Dogecoin. He suggested there was no way that the “king of memes” wouldn’t eventually make a parabolic move to the upside, given that this is a meme supercycle. He urged crypto investors to “keep stacking” in anticipation of this move from Dogecoin.
Crypto Kaleo also revealed that Dogecoin’s current price action is “incredibly similar” to the Spring of 2021 when the meme coin recorded its first parabolic move from under $0.01 to $0.10. Based on this, Crypto Kaleo predicts that DOGE will likely trade around this range for a while before it enjoys an upward trend.
Featured image created with Dall.E, chart from Tradingview.com
