Dogecoin has become known as one of the altcoins in the cryptocurrency market that has made impressive gains with each bull market cycle. These strong performances have cemented its position as a favorite among investors, and the current cycle is no different. With the cryptocurrency market set to see another surge in the coming months, analysts believe that Dogecoin price is expected to see a huge surge Which could lead to it reaching the tens area.
Historical bullish chart formations return
Cryptocurrency analyst Dima James Potts took to X (formerly Twitter) to… Share An interesting formation on the Dogecoin chart. This analysis takes into account the meme coin’s past performance in crypto bull cycles and how the price behaved before each rally.
For example, the cryptocurrency analyst points out that in the run-up to the 2017 bull market, there was an intersection between the bottom of the Dogecoin bear market and bull cycle peakWhat followed this formation was a 9000% surge that took the price of the meme coin from $0.00009 to $0.014.
Then, as always, in the run-up to the next bullish cycle that ended in 2021, Dogecoin price repeated the same pattern. Once again, there was an intersection between the line leading from the bottom of the bear market and the line leading from the top of the bull market, as shown in the chart.
Just like in 2017, this crossover marked the beginning of another massive surge in Dogecoin’s price. With help from the likes of billionaire Elon Musk, Dogecoin price The cryptocurrency’s value rose from less than $0.015 to $0.7, completing an 18,000% rise during this time.
Now, the same pattern has returned, and as before, the crypto analyst expects this to be a sign that DOGE price is ready to embark on another bull run. The lines have now crossed as before. Additionally, Potts points out that there is always a Dogecoin price increase in the third year of each cycle. This means that the start of the next bull run will be sometime in 2024, before the main bull run occurs in 2025.
Dogecoin price may reach $10
Using a similar trend seen in the last two bullish cycles, Potts believes that the price of Dogecoin is poised for a significant price increase, especially in 2025. Using previous spikes, he predicts that the price of DOGE could rise to $10.
If this happens, it would mean a roughly 10,000% increase from the meme coin’s price of $0.1 at the time of writing. “In the first cycle (2017), Dogecoin saw a 9,000% increase, and in the second cycle (2021), it surged by 18,000%. If this trend continues, we could see an equally impressive, if not larger, price increase in the third cycle,” according to the crypto analyst.
Featured image created using Dall.E, chart from Tradingview.com
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