Has the Bitcoin Price Hit Bottom? On-Chain Data Suggests So, and a Dogecoin Rally To Happen Soon

The Bitcoin price is looking bullish after its drop to the $114,500 range this week. While some analysts believe that Bitcoin has peaked in this bull market, on-chain data suggests otherwise. The $1 billion in bullish calls and increasing BTC purchases suggest that the leading crypto could continue to rise.

Another altcoin that experts believe has hit its bottom is Dogecoin. Several crypto experts, including Trader Tardigrade, have predicted that the next major move could send the Dogecoin price above $1 for the first time ever. 

On-Chain Data Suggest Bitcoin (BTC) Has Hit Bottom

On Thursday, the Bitcoin price surged to its latest all-time high of $124,290. However, the price of Bitcoin dropped to $114,755 on Monday, igniting debates as to whether the bull run is over. However, several on-chain indicators suggest that the Bitcoin price may soon reclaim the $120,000 mark.

Data from Laevitas.ch shows that Bitcoin’s options skew metric jumped to the highest point recorded in four months. This trend is often followed by a surge in the price of Bitcoin.

Data from Deribit also shows that traders have placed over $1 billion in bullish calls with targets at $140,000 by late September. In addition to a surge in bullish call options, there have been massive Bitcoin buys across many top companies. 

Strategy recently announced that it has bought 430 BTC for $51.4 million, while the Bitcoin treasury KindlyMD has closed a $200 million raise to purchase more Bitcoin. CoinShares data also shows that Bitcoin recorded inflows of over $552 million.

These on-chain metrics all point to the fact that many investors believe a rebound could happen soon. Kamran Asghar believes that the recent dip was for investors to add more BTC, and in line with the Bitcoin calls, the analyst says the Bitcoin price could cross $125,000 before September.

Dogecoin (DOGE) Could Hit $1 With the Next Breakout Rally

Unlike other bull runs, Dogecoin has been unable to replicate its explosive price rallies this year. CoinMarketCap’s data shows that year-to-date, Dogecoin has lost more than 30% of its value, while other major coins are deep in profit.

Despite its weak performance until now, crypto analysts believe that the Dogecoin price could still see a major increase this year. Highlighting the monthly chart of Dogecoin, Trader Tardigrade shared on X that Dogecoin has built its base and is ready for the next bull rally.

CryptoSurf and Cryptollica have both predicted that this rally could send the price of Dogecoin above $1 for the first time ever. The key for Dogecoin is its breakout pattern which it forms during every bull market. 

During the previous bull run, DOGE recorded a mind-blowing 65,527 percent growth in 420 days, showing that the scale of its rallies can even exceed what many could imagine. The first major DOGE resistance stands at $0.47. A breach past that point would then open the way to a challenge of the old all-time high at $0.74. After this, DOGE can go on a price discovery above $1.