One closely followed cryptocurrency analyst is expressing bullish sentiment on Dogecoin (DOGE) as he predicts the potential path forward for Bitcoin (BTC).
Starting with Dogecoin, the analyst known as DonAlt tells the 58,200 subscribers to the TechnicalRoundup YouTube channel that it is “not too unlikely” that the leading coin by market cap, memecoin, will reach $1, a potential gain of approximately 554% from the current level.
Dogecoin is trading at $0.153 at the time of writing.
The pseudonymous analyst says he is bullish on Dogecoin due to memecoin's recent price action against Bitcoin indicating strong support.
“The reason I found DOGE interesting is because it kind of pulled back to support on the BTC chart.”
On what could invalidate his bullish thesis for Dogecoin, Donalt says:
“Abolition is here somewhere [above $0.05]he targeted there [$1]…I think that's not the worst… especially when it was trading at $0.12 or $0.13, because that's literally only 20% away from $0.10 which would be the optimal entry.
Regarding Bitcoin, DonAlt says the trend looks bullish despite a double-digit correction from the all-time high of over $73,000 reached earlier this month.
“Overall, we're still in a massive uptrend. That's a massive, huge uptrend. So, dips are for buying and I think you're going to get a monthly pullback.” [chart] The play is fundamentally bearish, and the best you can hope for on a bearish view is to return most of it [February monthly] candle [that runs from $41,800 to $64,000]”.
According to the pseudonymous analyst, if Bitcoin price falls below the $60,000 support level, the next support level will be about 22% lower than the current price.
“That's my bearish view… if we close [March] monthly [candle] In the red and then on the weekly time frame you have, and this is the fundamental support that everyone is talking about, you have this $52,000 support.”
Bitcoin is trading at $66,964 at the time of writing.
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