Dogecoin has yet to reach its historical high of $0.74 set in 2021, but nevertheless, $1 remains the target price for this altcoin in this cycle. This is because people anticipate another altcoin season is approaching, and prices may replicate the similar surge seen in 2021. However, if Dogecoin's price truly replicates the trends seen in the past two bull market cycles, then considering its potential rise, the $1 mark may just be a starting point.
Dogecoin's price reflects past cycles
Cryptocurrency analyst Trader Tardigrade noted a strikingly similar pattern appeared on Dogecoin's price chart, which may indicate an upcoming rapid rise. This pattern resembles those seen in the past two bull market cycles when Dogecoin's price was preparing to rise.
As shown, this pattern first appeared before the bull market rebound in 2017. It began a few years ago when altcoin prices hit lower peaks, then trended downward and retested. After that, it went through a consolidation period, then the trend broke and started to rise. During the 2017-2018 bull market, this pattern witnessed Dogecoin's price rise over 2000%, increasing from below $0.00018 to above $0.0075 in just a few months.
Once again, during the bull market of 2020-2021, a similar pattern formed just before a rebound, ultimately culminating in a breakout during the consolidation phase. Interestingly, this time, the breakout was more significant, with Dogecoin's price rising over 30,000%. Within just a few months, Dogecoin's price skyrocketed from below $0.002 to over $0.73. This remains Dogecoin's highest level to date.
A similar pattern is emerging again, and Dogecoin seems poised for its next breakthrough. Based on previous cycle performances and the steady upward trend, the investment return in this breakthrough may be higher than in previous cycles. However, the current market cap limits Dogecoin's price increase.
Nevertheless, even if Dogecoin's price can rise like it did in the 2017-2018 cycle, it will at least reach $4. However, according to this cryptocurrency analyst's chart, he expects Dogecoin's price to actually break into double digits, reaching as high as $12.
However, given Dogecoin's issuance of up to 149 billion coins, the likelihood of this round of increase is minimal. If the price settles at $12, the market cap of this meme coin would exceed $1.7 trillion, which even the second-largest cryptocurrency, Ethereum, has not yet reached.
