A shared Dogecoin chart shows that it is repeating a pattern from the previous cycle, which followed a parabolic expansion for the meme coin.
JezzaBTC shared this bullish chart in an X post on Wednesday, assuring Dogecoin enthusiasts that many of them are about to get wealthy. According to him, history is repeating for Dogecoin, and a full realization of this price action would take the token to uncharted territories.
Dogecoin History Is Repeating
Dogecoin is the only cryptocurrency in the top 10 market cap ranking with negative year-to-date price action. While most others have recorded double-figure price growth since January 1, DOGE has declined by over 20%.
The underwhelming price action is not typical of Dogecoin, as it has increasingly appreciated in the last two bull cycles, rallying over 5,000% and 21,000% in the 2017 and 2021 seasons, respectively.
Nonetheless, all hope is not lost for holders of the most prominent meme coin in the crypto sector. This is because JezzaBTC has identified a recurring pattern from its 2021 bull cycle, which could mean we are in the early stages of a Dogecoin rally.
For perspective, Dogecoin broke out from a descending triangle in April 2020 after trending within the channel since its January 2018 peak of $0.0194. After the breakout, the meme coin consolidated for a few months before a 15,420% price spike from $0.0049 in January 2021 to its current all-time high of $0.7605 in May 2021.
Meanwhile, a similar pattern is repeating. Dogecoin broke out from a similar pattern in November 2023 and has been consolidating since then, as in the previous cycle. The analyst highlighted this pattern, suggesting that a similar uptrend seen with this development in 2021 could occur.
Dogecoin to $18?
If this happens, JezzaBTC claims that many Dogecoin holders will become wealthy. Moreover, his shared chart indicates that DOGE could potentially rally to $18, representing a 7,100% increase from the current price of $0.250.
Notably, this would take the market cap of Dogecoin to $2.7 trillion, based on a circulating supply of 150.89 billion tokens, surpassing the current market cap of Bitcoin, the industry’s leading asset. Considering the sentiments that DOGE has practically no utility, many may find this rally unrealistic.
Nonetheless, even a small portion of the rally would be beneficial to holders. For one, other analysts suggest that Dogecoin could realistically rally past $1 this cycle, particularly as institutional interest begins to emerge.
Recall that the Rex-Osprey Dogecoin ETF will launch in the United States today, providing a new avenue for liquidity to flow into the Dogecoin market.
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.
