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Dogecoin has seen a number of bullish predictions over the last month, especially with the recovery of the crypto market. The latest in this long line of bullish predictions is that of one crypto analyst who goes by southofearth on TradingView. According to the analyst, the DOGE price will rally higher than expectations.
Dogecoin Price Maintains Previous Patterns
The analysis which was posted on the TradingView website shows the trajectory of the Dogecoin price since it was launched back in 2013. The chart highlights the performance of DOGE in the years leading up to each Bitcoin halving and how this can pinpoint its rally point.
Both times have seen the Dogecoin price put on a massive rally after each halving, suggesting that it is a bullish trigger for the meme coin. With the next Bitcoin halving expected to take place sometime in April, the DOGE price looks to be gearing up for another breakout.
The crypto analyst points out that DOGE is currently showing a similar pattern as it had in the previous years, although with a bit more volatility. But because it is mostly maintaining this pattern, the chances of it following the same patter of rallying are high.
They also explain that the markets are moving faster, and the 4-year cycle that investors are used to might be getting shorter. Given this, the bull market begins faster, although with longer bear markets. In this case, the analyst believes that the DOGE price could top out in October of 2024 instead of in 2025 as expected.
Source: TradingView.com
DOGE Price Targets For Bull Market
Southofearth also shared their price targets for Dogecoin going forward, with four targets in total. The first puts the price at $1, which looks to be the start of the breakout. From there, the next target is placed at 1005 from the first target at $2.
Then another jump to $14 is expected before running all the way to $27. According to the crypto analyst, $27 is the next all-time high price for DOGE going by what has happened to the coin in previous years.
However, it doesn’t end there, as the analyst predicted that the DOGE price could possibly rise to $100 and above. But for this to happen, there has to be “hyperbitcoinization happens due to dollar index breaking down,” the analyst explains.
If the crypto analyst is correct, then the DOGE price could see a 16,000% move from here. However, the possibility of this happening is very slim given that DOGE’s market cap is already at $20 billion, and such a move would make it larger than Ethereum.
DOGE price jumps to $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
