Crypto Market Fails to Rally on US-China Truce, But Analysts Announce Bottom for Bitcoin and Dogecoin

The US-China tariff conflict, a major cause of the crypto market downtrend in October, has been resolved through a trade deal truce. Despite the truce, the crypto market continues to trade in the red zone to begin the new week.

Although the Bitcoin price is down by 7% on the 1W chart, popular analysts like Cas Abbé and Borg have called a bottom for BTC. Similarly, Trader Tardigrade predicts that Dogecoin has been forming a Rounding Bottom pattern and could explode soon.

Bitcoin Hits Bottom, Analysts Predict Recovery Rally

Despite the truce deal reached between the US and China to end the month of October, Bitcoin (BTC) hasn’t shown any significant bullish momentum. On the weekly timeframe, the Bitcoin price has plunged by 7%, causing a dip back to the $107,000 range.

Despite the current bearish outlook of the market, crypto analysts are optimistic that Bitcoin has bottomed out. According to a chart shared by Borg, the Bitcoin price has been consolidating in a descending triangle pattern, and could explode to the upside soon.

Cas Abbé shares a similar sentiment. The analyst explained that historically, the Bitcoin price usually bottoms around the 38.2% Fibonacci level. The analyst shared a chart showing that this has been the case since Q1 2023. Anytime the BTC price drops to this level, it has bounced back strongly. 

The analyst believes that the price of Bitcoin has bottomed out since the price is currently at this mark. Using the historical trend, the price of Bitcoin may soar to more than $150,000 if it swings back. But if the November monthly candle closes below the 38.2% Fibonacci, then chances are that the bull run will be over.

Dogecoin Has Hit Bottom, Can It repeat the historic November Rally?

Similar to Bitcoin, Dogecoin (DOGE) has fallen in the past week. On the 1W timeframe, Dogecoin has lost 15% of its value and now trades around the $0.1700 range. 

Regardless of its current price performance, there are reasons to be optimistic for Dogecoin investors. Trader Tardigrade explains that Dogecoin has been forming a Rounding Bottom on the 1M price chart. The depth of the bottom projects a target price of $4.14

In addition, November has historically been an explosive month for Dogecoin. Crypto chartist Chandler has highlighted this fact, stating that the Dogecoin pump in 2015, 2017, 2020, and 2024 preceded the altseason.

Based on this historical pattern, the analyst expects the Dogecoin price to begin to rally. He sets his target as high as $2. BitBull has shared a similar sentiment, noting that Dogecoin seems to be repeating the November 2024 fractal. According to BitBull, if DOGE pumps this month, it’ll be a huge signal for Altseason.

In Summary

While the crypto market has been very bearish over the last few weeks, there are signals that suggest that Bitcoin and Dogecoin have bottomed. These signals will need to play out to confirm that the bull market is still in play. If BTC and DOGE fall better, then their prices could fall even further.