Dogecoin Price Could Reach $12 if Historical Patterns Recur
Dogecoin has not yet reached its previous all-time high of $0.74 but aims for a target of $1 this cycle, driven by expectations of an upcoming altcoin season. A similar pattern observed in past bull cycles suggests potential for significant price movement.
Key Observations
- Crypto analyst Trader Tardigrade identifies a pattern in Dogecoin's price chart resembling previous bullish cycles.
- This pattern includes lower peaks, a downtrend, consolidation, and subsequent upward movement.
- In the 2017-2018 cycle, Dogecoin rose over 2,000%, and during the 2020-2021 cycle, it increased by more than 30,000%.
- The current breakout could potentially yield higher returns than in earlier cycles.
- Analyst projections suggest a possible price increase to at least $4, with some estimates reaching as high as $12.
- A $12 price point would result in a market cap exceeding $1.7 trillion, a significant challenge given Dogecoin's supply of over 149 billion coins.
