Dogecoin has become one of the altcoins in the cryptocurrency market that has made impressive rallies during every bull market cycle. This powerful performance has cemented it as an investor favorite, and the current cycle is no exception. With the cryptocurrency market set to rally further in the coming months, analysts believe that Dogecoin price is poised for a massive surge that could send it into double-digit territory.
Historical Bullish Chart Formation Returns
Crypto analyst Dima James Potts took to X (formerly Twitter) to share an interesting formation in the Dogecoin chart. This analysis takes into account the cryptocurrency’s previous performance in bull cycles and how the price behaved before each rally.
For example, the crypto analyst points out that before the 2017 bull market, there was an intersection between the bottom of Dogecoin’s bear market and the top of the bull cycle. What followed was a 9,000% surge, which took the price of the meme coin from $0.00009 to $0.014.
Then, like clockwork, as the next bull cycle that ended in 2021 approached, the price of Dogecoin repeated the same pattern. Once again, there was an intersection of the line from the bottom of the bear market with the line from the top of the bull market, as illustrated in the chart.
Just like in 2017, this intersection marked the beginning of another significant rise in the price of Dogecoin. Powered by the help of people like billionaire Elon Musk, the price of Dogecoin rose from less than $0.015 to $0.7, achieving an increase of 18,000% during this period.
Today, that same pattern is back, and as before, the crypto analyst expects this to be a signal that DOGE price is ready for another rally. The lines have now crossed as before. Additionally, Potts points out that there is always a price increase for Dogecoin in the third year of each cycle. This puts the start of the next bull rally in 2024, before the major rally occurs in 2025.
Dogecoin Price Could Hit $10
Using the similar trend that emerged during the last two bull cycles, Potts believes that the price of Dogecoin is preparing for a substantial price increase, especially in 2025. Using previous surges, he predicts that the price of DOGE could increase to $10.
If this happens, it would mean an increase of around 10,000% from the meme coin’s price of $0.1 at the time of writing. “During the first cycle (2017), Dogecoin saw a 9,000% increase, and during the second (2021), it increased by 18,000%. If this trend continues, we could see an equally impressive, if not larger, price appreciation during the third cycle,” the crypto analyst said.
Featured image created with Dall.E, chart by Tradingview.com
