Dogecoin has seen a number of bullish predictions in the past month, especially with the recovery of the crypto market. The latest in this long line of bullish predictions is from a crypto analyst visiting Southofearth on TradingView. According to the analyst, the DOGE price will rise higher than expected.
Dogecoin price maintains previous patterns
The analysis that was Posted the TradingView website shows the trajectory of the Dogecoin price since it was launched in 2013. The chart highlights DOGE’s performance in the years leading up to each Bitcoin halving and how this can determine its rally point.
Both times, the Dogecoin price has surged after each halving, suggesting this is a bullish trigger for the meme coin. With Bitcoin’s next halving expected to take place sometime in April, DOGE price appears to be gearing up for another breakout.
The crypto analyst points out that DOGE is currently showing a similar pattern to previous years, albeit with slightly more volatility. But as the country largely maintains this pattern, it is likely to follow the same rally pattern.
They also explain that markets are moving faster and the four-year cycle that investors are accustomed to may be shortening. Given all this, the bull market will start sooner, albeit with longer bear markets. In this case, the analyst believes that the DOGE price could peak in October 2024, instead of 2025 as expected.
Source: TradingView.com
DOGE price targets for bull market
Southofearth also shared their price targets for Dogecoin going forward, with a total of four targets. The first sets the price at $1, which appears to be the start of the breakout. From there, the next target is placed at 1005, starting from the first target at $2.
Another jump to $14 is then expected before running all the way to $27. According to the crypto analyst, $27 is the next all-time highest price for DOGE, based on what has happened to the coin in recent years.
However, things don’t stop there as the analyst predicted that the DOGE price could potentially rise to $100 and above. But for this to happen, there must be “hyperbitcoinization due to the breakup of the dollar index,” the analyst explains.
If the crypto analyst is right, DOGE price could see a 16,000% move from here. However, the chances of this happening are very slim, as DOGE’s market cap is already $20 billion, and such a move would make the company bigger than Ethereum.
DOGE price jumps to $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
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