Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Dogecoin has yet to hit its previous $0.74 all-time high from 2021, but nevertheless, $1 has remained the target for the altcoin this cycle. This is due to the expectation of another altcoin season that could send the price on a similar run that was seen in 2021. However, if the Dogecoin price were to actually see a repeat of what happened in the past two previous bull cycles, then the $1 mark may only be a starting point, given how high the price could go.
Dogecoin Price Mirroring Past Cycles
Crypto analyst Trader Tardigrade has noticed an eerily similar pattern on the Dogecoin price chart that could suggest a rapid upward movement is coming. This pattern is similar to what was seen in the last two bullish cycles, right as the meme coin’s price was preparing for lift-off.
As the chart shows, this pattern first emerged leading up to the bullish rally in 2017. It starts out a couple of years before as the altcoin’s price makes lower peaks and then trends down for a retest. After this, there is a period of consolidation before the trend is broken and an upward rally begins. In the 2017-2018 bull market, this pattern saw the Dogecoin price rally by more than 2,000%, going from below $0.00018 to above $0.0075 in a matter of months.
Then again, in the 2020-2021 bull market, a similar pattern had formed right before the rally, ending in a breakout from consolidation. Interestingly, this time around, the resulting breakout was even more prominent, with the meme coin’s price rising by more than 30,000%. This saw a range from below $0.002 to above $0.73 in a matter of months. This is still the highest level that the Dogecoin price has reached so far.
Once again, a similar pattern has emerged, and it looks like Dogecoin is on the brink of the next breakout. Going by the previous cycle performances and the steady uptrend, it is possible that the current breakout will see a higher ROI than previous cycles. But, there are now market cap constraints on how high the meme coin can go.
Nevertheless, even if the Dogecoin price were to manage a similar rise like the 2017-2018 cycle, the price would reach $4 minimum from here. Going by the crypto analyst’s chart, though, he expects the Dogecoin price to actually cross the double-digit threshold, putting it as high as $12.
However, given Dogecoin’s high supply sitting above 149 billion coins, the possibilities of this happening this cycle are very slim. A $12 price tag would put the meme coin at a market cap above 1.7 trillion, something that even Ethereum, the second-largest cryptocurrency by market cap, has yet to achieve.
Featured image from Dall.E, chart from TradingView.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.
With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.
Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.
Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
