DOGE Price Prediction: Analyst Says Meme Coin Can Hit $3 This Market Cycle, Here's When
- Linda HamiltonOriginal
- 2024-11-17 12:38:25479browse
Crypto analyst John Burr on TradingView has discussed the potential for the Dogecoin price to reach $3 this market cycle.
Dogecoin price is influenced by various factors, including political events and the broader crypto market bull run, according to a recent analysis by Crypto analyst John Burr on TradingView.
Burr's analysis suggests that Dogecoin price could reach $3 this market cycle, driven by positive sentiments from recent political events. The analyst points to SpaceX and Tesla CEO Elon Musk's involvement in the creation of the Department of Government Efficiency (D.O.G.E), which some speculate could lead to government actions or pro-crypto regulations that may indirectly impact cryptocurrencies.
Additionally, Donald Trump's upcoming inauguration ceremony as the 47th US President is also seen as a factor that could trigger the next bullish movement in the crypto market. As a result, Burr predicts that the Dogecoin price could surge to $3 on Inauguration Day.
However, considering that Dogecoin is currently trading below the $1 mark, the analyst acknowledges that his bullish predictions for the meme coin could be wrong. Instead, he is focusing on the broader crypto bull market, which he believes is still in its early stages and gives Dogecoin more room for growth.
According to Burr, some analysts are projecting extreme targets for Dogecoin, such as $40 by next year. However, he notes that skeptical crypto experts are likely to set an ATH of around $3 for the DOGE price due to market cap concerns. For Dogecoin to reach $40, its market cap would have to exceed that of major cryptocurrencies, such as Bitcoin.
This substantial price and market cap increase is seen as unlikely, as it would require sustained, strong demand and investor interest in Dogecoin, which could be challenging to maintain given its meme coin status and the frequent occurrence of negative market conditions.
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