The world of cryptocurrency is always filled with excitement and dynamism. As prices rise or fall, investors and analysts are constantly engaged in a process of prediction and analysis. This week, the focus is on a crypto analyst known by the name DonAlt. The analyst is particularly famous for accurately predicting the bottom of Bitcoin in 2022. Now, he is making predictions about Dogecoin. Let’s take a look at the analyst’s approach.
DonAlt Expects a 5x Increase for Dogecoin
DonAlt offers interesting observations about the recent uptrend in Dogecoin (DOGE). Dogecoin’s status as the leading meme coin gives it a unique position in the markets, making it an asset that should be closely watched. According to the analyst, reaching a price of 1 dollar from current levels “may not be very likely” for Dogecoin, but the uptrend presents significant potential. The analyst sees a 5x potential that could push the price to the 0.8 dollar region.
DonAlt notes that Dogecoin has started to rise after finding strong support against Bitcoin in its latest price movement. According to him, what makes DOGE interesting is its return to support on the BTC chart. DonAlt mentions the factors that would invalidate Dogecoin’s bullish thesis:
“If we look above 0.05 dollars, there is a target of rising to 1 dollar. Since the price is at 0.16 dollars, it will be the most suitable entry point for the journey to 1 dollar.”
Will Bitcoin’s Uptrend Continue?
Bitcoin has continued its uptrend, according to DonAlt, despite the price correction above the all-time high of 73,000 dollars reached earlier this month.
“Overall, we are still in a big uptrend. This is really a big uptrend. Therefore, dips should be seen as buying opportunities. If the monthly chart shows a downtrend, you are in the best phase with a bearish outlook if you pull back. If you reclaim most of the February monthly candle, that’s when you’re in the best phase.”
According to the analyst, if BTC falls below the 60,000 dollar support level, the next support level would be about 22% below the current price.
“My bearish scenario is this: If we close March with a red candle and then see the 60,000 dollar support on the weekly timeframe, a descent towards a 52,000 dollar support zone will be in question if the price drops below this support.”
Bitcoin is trading at 66,287 dollars at the time of writing this article.
