#squarecreator - Will Dogecoin (DOGE) match its all-time high? Here's what could drive the rise.

A well-known analyst suggests that if Dogecoin (DOGE) closes April above $0.20, it could generate a strong bullish momentum. With Elon Musk lowering hopes for government-driven adoption, attention has turned to the possible approval of a spot DOGE ETF, which could boost demand for the asset. Is it time for another bullish run?

The original meme cryptocurrency saw its price rise by 12% last week, briefly surpassing $0.19. This surge drew the attention of numerous market analysts, some of whom predicted much more impressive gains for the near future, but under certain conditions.

Renowned analyst Ali Martinez believes that Dogecoin (DOGE) could soar to its all-time high of $0.74 $ if it closes the month above $0.20.

“A breakout of this kind would indicate strong bullish momentum and could attract greater interest from investors,” he added.

Tardigrade and Muro also shared their opinions. The former stated that DOGE reclaimed the 100-period exponential moving average (EMA) “after the breakout” and forecasted a rise to $0.80 $ in the coming months. Meanwhile, Muro believes that the potential rally of DOGE could trigger an altcoin season:

“Once DOGE starts to rise, it would be the official signal of a legitimate altcoin season; it has always been the indicator of altcoin season.”

Following the disappointment generated by Elon Musk's controversial and somewhat failed attempt to drastically reduce excessive public spending, an agency named DOGE, the Dogecoin community has begun to seek other catalysts that could act as price drivers. One example is the potential approval of a spot DOGE ETF in the United States.

Grayscale, Bitwise, and Osprey Funds are among the companies competing to launch this type of product.