A closely followed analyst predicts a strong Dogecoin (DOGE) surge amid the prevailing bearish sentiment in the crypto markets.
The pseudonymous analyst, known as Kaleo, says that he sees the meme cryptocurrency skyrocketing 200% from its current value of $0.17 to $0.51.
“Looks like a solid spot to punt a DOGE long.
Bouncing off [high timeframe] support, tons of upside… tight/easy stops on the downside.”
As for Bitcoin, the popular crypto strategist maps out short-term bullish and bearish scenarios for the largest cryptocurrency. According to Kaleo, Bitcoin could bounce once it hits support at $30,000. In a bearish scenario, however, Kaleo sees BTC failing to hold support at $30,000 and plunging to a new 2021 low at $24,000.
“As HTF (high timeframe) bullish as I still am, I’ll turn on the Kaleo trader hat. People constantly ask me what it would take to change my bias… Basically, one of the scenarios is option #2 – price retests diagonal, weak bounce, fail 2nd touch.”
Although Kaleo is considering the possibility of a failed Bitcoin bounce, he says that Bitcoin’s current market structure resembles the price action of Apple (AAPL) in March 2020, when the tech giant recovered from the panic set off by the COVID-19 pandemic.
I still believe we bounce here. The chart is is extremely similar to what AAPL looked like at the end of March.
— K A L E O (@CryptoKaleo) July 15, 2021
Studying market cycles (everything I've shared) it's difficult to believe the bull market is over, but wanted to give a breakdown of how I actually look at this stuff. pic.twitter.com/TVMB73aRi7
Amid the uncertainty surrounding the largest cryptocurrency, Kaleo says he expects Bitcoin to eventually regain its bullish momentum.
“Once again I’m not trading this range, I’m comfy in spot and sitting patient. As a trader though it’s important to constantly challenge your bias and be prepared for any situation….
The bull run isn’t over…”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
