Analyst Who Accurately Predicted Cryptocurrency Market Bottom in 2022 Believes Dogecoin Could Surge by More Than 500%, Provides Updated Analysis on Bitcoin
A renowned crypto analyst, popularly known as DonAlt, is expressing bullish sentiment towards Dogecoin (DOGE) as he provides insights into the potential trajectory of Bitcoin (BTC).
Beginning with Dogecoin, DonAlt, who shares his analysis with over 58,200 subscribers on the TechnicalRoundup YouTube channel, believes that it is quite possible for the leading memecoin by market capitalization to reach a price of $1, representing a potential gain of approximately 554% from its current level.
At the time of writing, Dogecoin is trading at $0.153.
The pseudonymous analyst is bullish on Dogecoin due to the memecoin’s recent price action against Bitcoin, which indicated strong support.
“I found DOGE interesting because it dipped back into support on the BTC chart,” DonAlt explains.
When discussing the factors that could invalidate his bullish thesis for Dogecoin, DonAlt identifies a level above $0.05, adding that he considers a target of $1 attainable. He notes, “I think that’s not the worst… particularly when it was trading at $0.12 or $0.13 because that’s only 20% away from $0.10, which would be the optimal entry point.”
In terms of Bitcoin, DonAlt opines that the overall trend still appears bullish despite the recent double-digit correction from its all-time high of over $73,000 earlier this month.
“Generally speaking, we’re still in a massive uptrend. This is a massive, massive uptrend. So, dips are for buying,” DonAlt states. He further suggests that if a pullback occurs and the monthly chart unfolds bearishly, the best case scenario in a bearish view would be a retracement of most of February’s monthly candle, which ranged from $41,800 to $64,000.
If Bitcoin falls below the $60,000 support level, according to the pseudonymous analyst, the next support level would be approximately 22% lower than the current price.
“That’s my bearish view… if we close the March monthly candle red, and on the weekly timeframe, you do have this $52,000 support level that everyone keeps talking about,” DonAlt reveals.
At the time of writing, Bitcoin is trading at $66,964.
Overall, DonAlt’s analysis provides an optimistic outlook for both Dogecoin and Bitcoin, highlighting potential opportunities for investors as they consider these digital assets in their portfolio strategies.