Analysts are making bold price predictions for Dogecoin in the coming bull run, ranging from $2 to $3.
Analyst Kyle Chasse predicts $2 for Dogecoin, significantly higher than previous forecasts.
Reaching $1 or $3 could push Dogecoin's market cap to unrealistic levels unless the entire market surges.
Meanwhile, analyst Kevin sees a potential price drop for Dogecoin in the short term based on a technical chart pattern.
Despite the short-term dip, Kevin predicts a rebound and an incoming rise to $0.22 for Dogecoin.
Investors all over the market know that big things are coming.
This is considering the previous block subsidy halving and the incoming bull market that is set to bring in the next cycle tops for several cryptocurrencies on the market.
However, as we look further towards 2024, here are some significant predictions for Dogecoin in particular.
Let’s see why this cryptocurrency has been drawing significant attention from traders and enthusiasts alike.
Kyle Chasse, a renowned crypto analyst in a recent tweet, made a series of bold predictions for the cycle tops of several cryptocurrencies in the coming bull cycle.
Some of the most notable predictions include a $150k prediction for Bitcoin, $9,500 for ETH, $350 for Avalanche, $200 for Polkadot, $1200 for Solana, $480 for ORDI and $2 for Dogecoin.
The $2 prediction for Dogecoin in particular is interesting, considering how the memecoin used to have a $1 ceiling prediction from other analysts like Altcoin Sherpa in this tweet.
Chasse’s optimism for Dogecoin was echoed by another analyst, Kevin, who took things a step further and stated that he believes that Dogecoin might even break past $3 based on historical bull runs.
Dogecoin to $3
However, some of these predictions warrant some skepticism in terms of Dogecoin's market cap, considering how the memecoin currently has a supply of 144.28 billion $DOGE.
A $1 valuation alone is a tough subject.
For starters, this price might push the memecoin’s market cap further up, bringing it above the current capitalization of Tether’s USDT (currently $110 billion).
A $3 valuation, on the other hand, would nearly bring $DOGE into a half trillion valuation, which doesn't seem very realistic from the current standpoint—unless the rest of the market rallies massively as well, in tandem.
Incoming $0.22 for Dogecoin
In the shorter term, Kevin also identified a bearish descending triangle pattern in Dogecoin’s chart, which might be a sign of an incoming drop.
Despite this drop though, Kevin sees an opportunity for the cryptocurrency to form an inverse head and shoulders pattern, and then rally further up $0.22.
This means that the memecoin might be in for a short-term decline from here, but is still very poised to continue further to the upside.
Overall, the upcoming economic data in the US will be one of the major catalysts for the behaviour of the crypto market, and for Dogecoin in particular
And as we approach 2024, the crypto community continues to predict sky-high prices, as everyone watches to see which predictions will happen.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.