Here is Why Dogecoin to $23 is Possible: Top Analyst

A prominent market analyst expects Dogecoin (DOGE) to skyrocket by more than 7,000% this cycle, citing historical price fractals.

Meteoric price predictions for Dogecoin (DOGE) continue to come hard and fast despite recent crypto market struggles. In the latest instance, one analyst has doubled down on his bullish calls while outlining the possibility of an even higher price target.

Dogecoin (DOGE) to $23?

Prominent crypto analyst Ali Martinez has set yet another ambitious price target for Dogecoin, the leading doggy-themed meme coin.

In an X post on Saturday, December 28, Martinez contended that DOGE could trade as high as the $23 price point in the current market cycle. The most recent call follows a previous prediction of a potential run to the $18 price barely a week ago.

Dogecoin (DOGE) Price Fractals

Martinez based his latest projection on the concept of fractals. The theory of fractals suggests that beneath the seemingly chaotic nature of markets, there are repeating patterns and trends, which also replicate themselves within smaller scales indefinitely.

Martinez combines the concept of fractals with the Fibonacci expansion tool on DOGE’s weekly candle chart to suggest that the asset’s price has replicated the same pattern over the years.

For years, Dogecoin will trade within a descending triangle and break out to the upside to form new highs in a bull cycle. Per the analyst’s chart, these new highs have historically been around the 1.618 and 2.272 Fibonacci levels from cycle lows.

Dogecoin weekly candle chart. Source: Ali MartinezIn the 2017/2018 bull market, this pattern saw DOGE surge over 20,500% from lows of $0.00009 in 2015 to highs of $0.01855 by January 2018, corresponding with the 1.618 Fibonacci level. In 2021, a repeat of this pattern saw a nearly 55,000% surge to all-time highs of $0.73451, corresponding with the 2.272 Fibonacci levels from 2020 lows of $0.00134.

As Martinez highlighted, this year, DOGE has broken out from a similar descending triangle pattern on the weekly chart with 1.618 and 2.272 targets at $4 and $23, respectively, representing over 1,100% and 7,150% gains from current prices of $0.31715, respectively.

Per Martinez’s chart, DOGE’s breakout to new highs is typically punctuated by two significant corrections that look like miniature descending triangles of their own, lasting anywhere between 20 and 43 weeks combined. The chart suggests that the market is potentially in one of these correction phases at the time of writing.

Ali Martinez is not the only analyst to try to predict Dogecoin’s peak using the Fibonacci tool and historical price action. Using similar concepts, prominent analyst Javon Marks set a more conservative $2.28 initial price target for DOGE in the current market cycle, aligning with his set Fibonacci level of 1.618.