A market analyst has predicted that Dogecoin could see a massive price surge in this bull cycle. According to Dima Potts, the meme coin could rise by 19,533%, pushing its price to $45 if history repeats itself.
Potts made this prediction on X (formerly Twitter) on February 23. He pointed out that Dogecoin has followed a cyclical pattern in past market cycles.
If it does the same this time, he believes the coin will first rebound from its recent losses before making a significant move upward.
Dogecoin Struggles but Could Rebound
Dogecoin has faced difficulties in recent weeks, dropping over 52% from its December high of $0.4846. It has also seen losses in five of the last six weeks, making investors cautious. However, Potts remains optimistic. He identified a key area called the “never miss zone,” where Dogecoin has historically bounced back before major price rallies.
According to Potts, Dogecoin follows a 1,442-day cycle and is nearing the end of its current phase. The last cycle ended in May 2021, and the current one is 1,388 days in. If history repeats, Dogecoin could soon enter the next parabolic expansion phase, which may push its price to at least $10 in the short term.
Can Dogecoin Reach $45?
After this initial surge, Potts predicts Dogecoin could continue climbing after a small pullback, eventually hitting $45. He pointed out that Dogecoin has always crossed a key technical level in past cycles. If it does so again, it could confirm this price target.
However, some data suggests challenges ahead. Whale activity on Dogecoin’s network is at a low, with only 66 large transactions per day. The number of active addresses has also dropped to 60,000 per day, which could slow down any potential rally.
For now, Dogecoin trades at $0.2325, down 4% in the past 24 hours. Whether it follows past trends and reaches new highs remains to be seen.
Leave a comment