Crypto analyst VisionPulsed argues Dogecoin's drawdown hasn't reached true capitulation because retail optimism still lingers, and real bottoms form only after the final bulls give up.
Dogecoin's Capitulation: Why the Bottom Might Be Near—But Not Yet
VisionPulsed, a crypto-focused YouTuber, recently shared a Dogecoin analysis that sidesteps the usual technical setups and digs into something less quantifiable but arguably more important: the psychology of capitulation. His core thesis? DOGE is approaching a bottom, but it probably hasn't arrived yet—because too many people still have hope.
The logic is rooted in cycle observation. Markets don't bottom when everyone's bearish in a measured, analytical way. They bottom when even the die-hard bulls lose their will to fight. That's the distinction VisionPulsed is highlighting. Right now, across Crypto Twitter and YouTube, there's still a baseline of optimism. People are getting more cautious, sure, but there's no widespread despair. And that lingering bullishness, he argues, is itself a signal that the washout isn't complete.
His framing is less about a clean technical inflection and more about a familiar pattern: retail optimism fades gradually, then collapses suddenly. The danger is mistaking the early stages of that fade for the final capitulation. According to VisionPulsed, we're in the late-stage drawdown phase—where sentiment is souring, but not broken. The real bottom likely arrives when the final low breaks and the consensus flips entirely bearish. By then, ironically, the bottom is already in.
"More and more people are starting to get bearish and once we finally break this low I think that's going to be when everyone says it's bearish but it's going to be too late because the bottom is probably going to be in soon," he said in the video.
It's a contrarian take, but it aligns with how previous cycles have played out. Bottoms don't announce themselves. They form quietly, after the last wave of forced sellers and exhausted holders capitulate. The challenge is recognizing when that moment has actually arrived versus when you're still early in the process.
For DOGE specifically, this matters because it's one of the most sentiment-driven assets in crypto. Technical levels matter less than crowd psychology. If VisionPulsed's read is correct, the final leg down might be the most painful—not because of the percentage drop, but because it will break the remaining conviction. And that's when the real opportunity likely emerges.
Not a guarantee. Just a reminder that capitulation feels different when you're in it than when you're reading about it afterward.