A market expert believes the ongoing Dogecoin bull run will eventually add up to a 5,202% price gain, insisting that the best is yet to come.
Notably, Dogecoin (DOGE) was one of the standout performers at the start of the current bull market in Q4 2023, soaring 285% to $0.2288 by March 2024 and then by a more substantial 340% to a local peak of $0.4843 by early December 2024.
However, it appears this momentum has cooled, while Bitcoin (BTC) claims new all-time highs, with the latest being $109,300. This week, Dogecoin has dropped 0.82% despite the launch of Elon Musk’s Department of Government Efficiency (D.O.G.E) amid President Donald Trump’s inauguration.
Nonetheless, this bearish performance has not impacted the confidence of some analysts, including Zer0. In a recent disclosure, the market watcher contended that Dogecoin was not yet finished, asserting that the best is yet to come for the meme coin.
Dogecoin Historical Bull Run Performances
His optimism comes from an observation of Dogecoin’s historical bull market performance since 2016. For context, over the years, the meme coin has observed a pattern where it sees an initial upsurge, records a subsequent pullback, and then engineers a second and more substantial rally.
This pattern first played out in early 2017, when Dogecoin rallied to a peak of $0.00054 in April 2017, and then collapsed 25% within the same month. After this pullback, DOGE witnessed a second and more substantial push to a top of $0.0187, representing a 9,226% rise from its lows.
Data from Zer0’s chart confirms that Dogecoin again observed the pattern in the 2020/2021 bull run. Particularly, the meme coin soared to a high of $0.0138 in January 2021, faced a correction, and then rebounded to the all-time high of $0.74 by May 2021. This marked a 30,693% uptick from its lows.
DOGE Eyes $4.2 Price
Now, Zer0 believes Dogecoin is following the exact same pattern. Interestingly, DOGE recorded the initial upsurge when it rallied to the new three-year peak of $0.4844 in December 2024. However, it appears the meme coin is now observing the habitual pullback, which would set it up for a more substantial rally.
The market analyst expects this second rally to lead to the $4.2 price level, representing a new all-time high for Dogecoin. Such a price would mark a 5,202% increase from Dogecoin’s most recent lows in the ongoing cycle.
Interestingly, market commentator Javier Santini holds the same belief. According to Santini, he expected the ongoing Dogecoin pullback, predicting that a rebound could push DOGE to the $4 price mark. However, his projected timeline was off, as he predicted this rebound to begin in the last week of December 2024.
Meanwhile, other analysts like Trader Tardigrade believe the meme coin has the potential to reach higher levels like $30. At press time, Dogecoin trades for $0.3515, defending the $0.35 region, but down 5.68% over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
