Cryptocurrency analyst John Burr on TradingView has discussed the potential for Dogecoin to hit $3 in this market cycle. Fueled by positive sentiments from recent political events led by SpaceX and Tesla CEO Elon Musk, Burr has revealed that Dogecoin could not only hit $3, but could also skyrocket to $20.

US Politics Could Push DOGE to $3

According to TradingView analyst, Dogecoin price may be preparing for a strong rally towards a target of $3. In his report, Burrs discussed the impact of political changes on the cryptocurrency market, highlighting the changes that the recent US Presidential election has had on Dogecoin price.

Based on its price chart, Burr claims that Dogecoin is repeating a historical trend that signals an impending bull run. The analyst also mentioned a correlation with Musk's Department of Government Efficiency (DOGE), implying that future government actions or pro-crypto regulations will indirectly impact cryptocurrencies.

Furthermore, the upcoming inauguration of Donald Trump as the 47th President of the United States could also trigger the next bullish move in the crypto market. As such, Burr predicts that the price of Dogecoin could spike to $3 on Inauguration Day.

Considering that Dogecoin is trading below $1, the analyst admitted that his bullish prediction for the meme coin could be wrong. Instead, he focused on the broader cryptocurrency bull market. He revealed that the market is currently in the early stages of a bull run, which gives Dogecoin more room to grow.

Burrs revealed that for some analysts, a $3 price target for Dogecoin may be conservative as they have predicted extreme targets of around $40 next year. The analyst noted that skeptical crypto experts are unlikely to forecast an ATH beyond $3 for the DOGE price, mainly due to concerns about market capitalization. This suggests that DOGE's market capitalization will have to surpass that of major cryptocurrencies, possibly surpassing Bitcoin, before it can reach $40.

Such a significant increase in price and market capitalization seems unlikely, as it would require strong, sustained demand and investor interest in Dogecoin. However, given the meme cryptocurrency status and frequent negative market conditions, maintaining such high demand could pose a challenge for Dogecoin, which remains vulnerable to market volatility.

Can Dogecoin Price Reach $20?

In the TradingView post, Burr also highlighted the possibility of Dogecoin reaching a new high of $20. The analyst admitted his doubts about the feasibility of such an ambitious price jump, which is in stark contrast to his previous confidence in his $3 DOGE price prediction.

A target of $20 represents a huge upside for Dogecoin, which is currently trading at $0.37. Dogecoin would have to experience a price increase of approximately 5,300%, fueled by extremely bullish conditions, favorable market sentiment, and widespread adoption.