Dogecoin Price Prediction: Bloomberg Analyst Says Crash Is Coming As DOGE Mirrors Bitcoin
Dogecoin has experienced rising volatility in the last 48 hours, with a price swing from a low $ 0.157 to a short peak of $ 0.185. Although this move is part of a growing bullish interest In the broader crypto marketThe meme coin has since returned to $ 0.172 at the time of writing. This price return putting dogecoin on a Position of a specific position, which again threatens to fall under the $ 0.17 level that traders expect to flip a new support base.
Sharp upswing and equally sharp retraction are the latest examples of D Dole's trading behavior, which now draws comparisons to another Macro-asset, Bitcoin's performance against gold.
“Same-chart syndrome”: Dogecoin Following the Bitcoin path
A chart Shared on the social media platform X by Bloomberg Intelligence Senior Analyst Mike McGlone presents a Overlay Overlay of Dogecoin Market Cap Trajectory and the Bitcoin-To-Gold price ratio. According to McGlone, these two properties move the same way for several hours, showing what he defined as “same-chart syndrome.”
In particular, the chart shared by the analyst shows that the Dogecoin's market cap and the Bitcoin/Gold Cross have been moving tandem since December 2024. His review has been highlighting how both possessions have respected an upward trend over the past few months but warned that this support may not last.
The resemblance between the Dogecoin chart and the Bitcoin performance related to McGlone's gold signals that a bearish outcome may be close. The synchronized patterns between the two charts, which both increased aggressively in 2024 and then pulled back to an ascending support line, suggesting that the Doge could enter a bearish cycle instead of a full round of the bullish cycle. In particular, McGlone expects the upward support support will eventually break down soon.
Termination fears suggest the Doge Market Cap can fall down so much
Breaking the upward support trendline, as Mike McGlone predicted, will surely send a dogcoin market cap crashing. It contradicts existing emotions with analysts, which Predicting a larger rally for the Doge before the end of the year.
However, McGlone does not based his forecasting to the Bearish Doge only on price action. In his post, he tied the predicted destruction to both Dogecoin and Bitcoin/Gold to the broader macroeconomic development, especially the possibility of a delay in retrieving the US market.
Notably, the upward support line that keeps the Dogecoin market cap in place currently around $ 22 billion, making it an important level to monitor. At the time of writing, the DOGE traded at $ 0.1720 with a market cap of $ 25.63 billion. Based on the currently transferring supply of 148.98 billion, the capitalization of the Dogecoin market will fall below $ 22 billion if its price drops to $ 0.147.
Featured image from shutterstock, chart from tradingview.com
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