The Dogecoin price movement in the last three weeks has been characterized by notable corrections and consolidations alongside the rest of the crypto market. Nevertheless, it is persistent bullish sentiment The situation surrounding the meme coin suggests that it could soon see a significant upward movement. Recent remarks from crypto analyst Javon Marks on the social media platform X Join this optimismwith the analyst detailing the possibility that Dogecoin could repeat its previous exponential bull runs and reach the $20 price point in 2025.
Dogecoin price history suggests an impending 305x increase
Javon Marks’ analysis highlights Dogecoin’s exceptional performance in its previous bull cycles. In his post, he noted that DOGE’s rallies were getting bigger with each cycle, showing the cryptocurrency’s ability to outperform market expectations. Marks noted that the 2017 bull market saw Dogecoin gain unprecedented momentum, followed by an even more extraordinary performance in 2021.
This interesting analysis of Dogecoin price is based on the 12-day candlestick chart, where Marks highlights the meme coin’s price performance since 2014. The first notable bull cycle, which occurred in 2017, saw Dogecoin surge 90x (9,404%). Run that peaked at an all-time high of $0.01858. Similarly, the 2021 bull run, which was more pronounced in the broader crypto market, saw Dogecoin surge 306x (30,693%) to reach its current all-time high of $0.736.
According to Marks, the current cycle presents an opportunity for Dogecoin to experience an even bigger rally as returns have been higher with each successive cycle. Based on this historical precedent, he argues that a similar or larger 306x increase could push the price of Dogecoin above $20 by 2025. Although this price target is extremely bullish, it is in line with the outlook of other analysts who have also based their technical analysis on that of Dogecoin Movement in previous cycles.
Can Bulls Sustain Bullish Sentiment?
At the time of writing, Dogecoin is down 25% compared to its opening day in December, making it currently the second-worst performing month of 2024. While Dogecoin’s price faced corrections for most of December, bullish sentiment remains strong among the community and analysts alike.
This optimistic sentiment hinges on the prospect of a more crypto-friendly environment in 2025. especially in the USA. Failure to do so could plunge the crypto market into another bear market, with Dogecoin caught in the mix.
Realistically, the path to $20 would be very difficult at this point. considering how much inflow would be needed. It requires the alignment of multiple factors well beyond the 2021 bull rally, including favorable market conditions, increased adoption, and private and institutional interest.
At the time of writing, Dogecoin is trading at $0.321, down 2% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com