A closely followed crypto analyst is expressing bullish sentiment on Dogecoin (DOGE) as he forecasts the potential path forward for Bitcoin (BTC).
Starting with Dogecoin, the analyst pseudonymously known as DonAlt tells the 58,200 subscribers of the TechnicalRoundup YouTube channel that it “isn’t too unlikely” for the leading memecoin by market cap to reach a price of $1, a potential gain of roughly 554% from the current level.
Dogecoin is trading at $0.153 at time of writing.
The pseudonymous analyst says that he is bullish on Dogecoin due to the memecoin’s recent price action against Bitcoin which suggested strong support.
“The reason why I found DOGE interesting is because it it kind of dipped back into support on the BTC chart.”
On what would invalidate his bullish thesis for Dogecoin, DonAlt says,
“Invalidation down here somewhere [above $0.05], target up there [$1]… I think that’s not the worst… especially when it was trading at $0.12 or $0.13, because that’s literally just 20% away from $0.10 which would be the optimal entry.”
On Bitcoin, DonAlt says the trend appears bullish despite the double-digit correction from the all-time high of over $73,000 reached earlier this month.
“Generally speaking, we’re still in a massive uptrend. This is a massive, massive uptrend. So, dips are for buying and I think if you’re going to get a pullback and if the monthly [chart] basically plays out bearishly, the best you can hope for on a bearish kind of view would be retracing most of [February monthly] candle [that runs from $41,800 to $64,000].”
According to the pseudonymous analyst, if Bitcoin falls below the $60,000 support level, the next support level is around 22% below the current price.
“That’s my bearish view… if we close the [March] monthly [candle] red and then on the weekly time frame you do have, and this is basically the support everyone keeps talking about, you do have this $52,000 support.”
Bitcoin is trading at $66,964 at time of writing.
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