Dogecoin has seen a number of bullish predictions over the last month, especially following the recovery in the crypto market. The latest in a long line of bullish predictions comes from a crypto analyst visiting the South of Earth on TradingView. Analysts say DOGE prices will rise more than expected.
Dogecoin price maintains previous pattern
An analysis posted on the TradingView website shows the trajectory of Dogecoin price since its inception in 2013. This chart highlights Dogecoin's performance in the years leading up to each Bitcoin halving and how this can pinpoint its rally points.
In both cases, Dogecoin's price rose significantly after the halving, suggesting this is a bullish catalyst for the memecoin. The next Bitcoin halving is expected to occur sometime in April, and DOGE price appears to be gearing up for another breakout.
The crypto analyst notes that DOGE is currently exhibiting a similar pattern to the past few years, albeit with slightly higher volatility. However, since it has largely maintained this pattern, it is likely to follow the same upward pattern.
They also explain that markets may be moving faster and the four-year cycles that investors are accustomed to may be shorter. Considering this, bull markets start earlier, while bear markets last longer. In this case, analysts believe DOGE prices could peak in October 2024 instead of 2025 as expected.
Source: TradingView.com
DOGE Price Target in a Bull Market
Southofearth also shared future price targets for Dogecoin, setting a total of four targets. The first one sets the price at $1, which appears to be the beginning of a breakout. From there, the next target will be placed at 1005 from the first target of $2.
A further rally to $14 is then expected before rising to $27. According to the cryptocurrency analyst, $27 is the next all-time high for DOGE considering what has happened to the coin over the past few years.
But it doesn't end there, analysts predicted that DOGE price could rise above $100. However, for this to happen, the analyst explains, there would have to be “hyper-Bitcoinization due to the collapse of the dollar index.”
If crypto analysts are correct, DOGE price could see an increase of 16,000% from here. However, it is very unlikely that this will happen considering DOGE's market cap is already $20 billion, and such a move would make it bigger than Ethereum.
DOGE price jumps to $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
