Dogecoin has become known as one of the altcoins in the crypto market to put on impressive rallies with each bull market cycle. These powerful performances have solidified it as an investor favorite, and the current cycle is no different. With the expectation that the crypto market will see another bull run in the coming months, analysts believe that the Dogecoin price is set for a massive price surge that could send it into the double-digits territory.
Historical Bullish Chart Formation Returns
Crypto analyst Dima James Potts took to X (formerly Twitter) to share an interesting formation in the Dogecoin chart. This analysis takes into account the previous performances of the meme coin in crypto bull cycles and how the price has behaved leading up to each rally.
For example, the crypto analyst points out that leading up to the 2017 bull market, there was an intersection between the Dogecoin bear market bottom and the bull cycle top. What followed this formation was a 9,000% rally that took the meme coin’s price from $0.00009 to $0.014.
Then, like clockwork, leading up to the next bull cycle that ended in 2021, the Dogecoin price repeated the same pattern. Once again, there was an intersection of the line leading from the bear market bottom with that leading from the bull market top, as illustrated in the chart.
Just like in 2017, this intersection marked the beginning of another significant rally for the Dogecoin price. Propelled with help from the likes of billionaire Elon Musk, the Dogecoin price went from below $0.015 to $0.7, completing an 18,000% rally during this time.
Now, this same pattern has returned and like before, the crypto analyst expects that it is the signal that the DOGE price is ready to go on another rally. The lines have now intersected like before. Additionally, Potts points out that there is always a price increase for Dogecoin in the third year of every cycle. This puts the start of the next bull rally sometime in 2024, before the major rally happens in 2025.
Dogecoin Price Could Touch $10
Using the similar trend that has emerged to the last two bull cycles, Potts believes that the Dogecoin price is getting ready for a substantial price increase, especially in 2025. Using the previous surges, he predicts that the DOGE price could rise as high as $10.
If this happens, it would mean an around 10,000% increase from the meme coin’s price of $0.1 at the time of this writing. “In the first cycle (2017), Dogecoin saw a 9000% increase, and in the second (2021), it rose by 18,000%. If this trend continues, we may witness an equally impressive, if not larger, price appreciation in the third cycle,” the crypto analyst stated.
Featured image created with Dall.E, chart from Tradingview.com
Powered by WPeMatico
