Dero, an analyst from Daily Crypto Chase, believes the current liquidity crisis in Bitcoin (BTC) amid the looming halving and the massive ETF inflows could push the Dogecoin (DOGE) price to $1.

According to Dero in the March. 19 vlog on YouTube, while market experts foresee Bitcoin soaring to $150,000 before the halving, DOGE is well positioned to ride this wave.

Despite CPI data indicating a 3.2% increase in consumer prices, Dero questions the accuracy of the data due to discrepancies in real-world expenses like groceries and dining. Bitcoin has maintained its upward trajectory, breaching over $73,000, driven by ETFs inflating demand. Bernstein’s bullish forecast suggests Bitcoin could hit $150,000 sooner than anticipated, possibly by September, fueled by ETF investments exceeding $70 billion. 

❖ Bernstein increasingly convinced Bitcoin price is heading towards $150,000

Bernstein sees Bitcoin's price hitting $150,000. In a note to clients this week, the firm told investors to buy Bitcoin miners as the recent underperformance "is probably the last window before…

— *Walter Bloomberg (@DeItaone) March 12, 2024

The influx of institutional capital paints a promising picture for Bitcoin’s future. Retail investors are gradually succumbing to FOMO, which is evident in the surge of wallets acquiring Bitcoin. 

There are 94,000 adresses holding $1m+ Bitcoin and it’s growing everyday.

Rich people are desperate for #BTC. Don’t sell them your #Bitcoin. pic.twitter.com/4xV323AYt5

— Bitcoin Archive (@BTC_Archive) February 18, 2021

Will Doge Rally To $1?

Dero aside, more analysts foresee a potential surge to $1. Ali speculates Dogecoin could re-achieve its historic price surges to hit the $1 mark should all go well. Additionally, with anticipation building around the launch of X payments, which are rumored to be made in DOGE, Dogecoin’s price could witness a significant upward trajectory. 

This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April! pic.twitter.com/UAgldPcDbh

— Ali (@ali_charts) March 8, 2024

However, despite the bold predictions on the meme coin, it’s not all green light from a technical perspective. The meme coin is struggling today as it holds a price of $0.1696 as of press time, representing a 1.26% drop in the last 24 hours. Amid the drop, Dogecoin charts show that the price is consolidated, as evidenced by the latest series of green and red candlesticks forming a bearish cup and handle pattern, which could suggest a downtrend in the short term. 

1-hour DOGE/USDT chart | Source: TradingView

The average directional index (ADX), an indicator used to gauge trends, holds a value of 20, suggesting the current bear trend is weak. However, the ADX is now reverting from its southern trajectory to a northern one, indicating the bear trend could be gaining momentum. Should bulls fail to hold the $0.1644 support level, a drop below could be seen before another move up.

The analysis follows Dogecoin losing its top 10 crypto status in mid-February, when it was overtaken by Chainlink (LINK). Still, as of press time Dogecoin regained its position and now stands at the ninth place among all cryptocurrencies ranked by market cap, according to CoinMarketCap data.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.