Cryptocurrency analyst John Burr on TradingView discussed the possibility of Dogecoin's price reaching $3 during this market cycle. Driven by positive sentiment from recent political events led by SpaceX and Tesla CEO Elon Musk, Burr revealed that Dogecoin may not only reach $3 but could also soar to $20.
U.S. politics may drive DOGE up to $3
TradingView analysts suggest that Dogecoin's price may be preparing for a strong bull market, with a target of $3. In his report, Burr discussed the impact of political changes on the cryptocurrency market, highlighting the recent U.S. presidential election's effect on Dogecoin's price.
According to the Dogecoin price chart, Burr claims that Dogecoin is repeating historical trends, indicating that a bull market is on the horizon. The analyst also mentioned the correlation with Elon Musk's Department of Government Efficiency (D.O.G.E), suggesting that future government actions or regulations supporting cryptocurrencies will indirectly affect the crypto market.
Additionally, Donald Trump's upcoming inauguration as the 47th President of the United States may trigger the next bullish trend in the cryptocurrency market. Therefore, Burr predicts that Dogecoin's price may soar to $3 on the day of the inauguration.
Considering that Dogecoin's trading price is below $1, the analyst acknowledged that his bullish prediction for this meme coin may be incorrect. Instead, he is focusing on a broader cryptocurrency bull market. He revealed that the market is currently in the early stages of a bull market, providing more growth potential for Dogecoin.
Burr revealed that for some analysts, the $3 target price for Dogecoin may be somewhat conservative, as they expect extreme target prices next year to be around $40. The analyst pointed out that skeptical cryptocurrency experts are unlikely to predict Dogecoin's price exceeding $3, primarily due to concerns about market capitalization. This indicates that Dogecoin's market cap must surpass that of major cryptocurrencies, potentially exceeding Bitcoin before reaching $40.
Such a significant increase in price and market capitalization seems difficult to achieve, as it would require Dogecoin to maintain strong and sustained demand and investor interest. However, due to Dogecoin's meme status and the frequent occurrence of negative market conditions, sustaining such widespread demand could be a challenge for Dogecoin, as it remains susceptible to market volatility.
Will the price of Dogecoin reach $20?
In his TradingView post, Burr also emphasized the possibility of Dogecoin's price hitting a new high of $20. The analyst admitted he was skeptical about the feasibility of this ambitious price leap, which contrasts sharply with his previous confidence in Dogecoin reaching a price of $3.
$20 target price implies that the price of Dogecoin will rise significantly, as the current trading price of Dogecoin is $0.37. With an extremely bullish market environment, favorable market sentiment, and widespread adoption, the price of Dogecoin is expected to rise by approximately 5,300%.
