Crypto Analyst Predicts Dogecoin Price Could Reach $3 This Market Cycle
Crypto analyst John Burr on TradingView has discussed the potential for the Dogecoin price to reach $3 during this market cycle. Positive sentiments from recent political events involving SpaceX and Tesla CEO Elon Musk may drive this increase, with Burr suggesting that Dogecoin could even rise to $20.
US Politics Could Drive DOGE To $3
Burr indicates that Dogecoin is preparing for a bull run towards the $3 target, attributing potential price changes to recent US Presidential elections. His analysis shows that Dogecoin is repeating historical trends that signal an impending rally. Burr noted a correlation to Musk’s Department of Government Efficiency (D.O.G.E), suggesting future government actions or pro-crypto regulations could impact cryptocurrencies.
Donald Trump’s upcoming inauguration as the 47th US President might also catalyze bullish movements in the crypto market. Burr predicts Dogecoin could surge to $3 on Inauguration Day. Currently trading below $1, he acknowledges that his bullish outlook could be incorrect but emphasizes the broader crypto bull market at its beginning, allowing room for growth in Dogecoin.
Some analysts consider a $3 price target conservative, with projections suggesting levels around $40 by next year. However, skeptics cite market cap concerns, indicating that Dogecoin's market cap would need to exceed that of major cryptocurrencies, potentially surpassing Bitcoin, to reach $40. This substantial increase in price and market cap necessitates sustained demand and investor interest in Dogecoin, which remains vulnerable to market fluctuations.
Can The Dogecoin Price Reach $20?
Burr also mentioned the possibility of Dogecoin reaching $20. He expressed doubts about this target, contrasting it with his more confident $3 prediction. A $20 target represents a significant increase from Dogecoin's current trading price of $0.37, requiring approximately 5,300% gains driven by extremely bullish conditions, favorable market sentiment, and widespread adoption.
