The cryptocurrency market has undergone a consolidation phase over the past seven days, with notable corrections observed in both Bitcoin and Dogecoin. Bitcoin, after reaching an all-time high of $108,135 on December 17, has seen a retreat to around $93,000.

Similarly, Dogecoin has faced pressure, dropping from a recent high of nearly $0.48 to just above $0.30 at the time of writing. According to the technical analysis of both cryptocurrencies, an interesting correlation has emerged, indicating that Dogecoin will surge to $5 in the coming months.

800-Day Trend: A Case Showing the Correlation Between Dogecoin and Bitcoin

Bitcoin and Dogecoin have one of the largest correlations among cryptocurrencies, especially during market cycle transitions. Bitcoin always leads the flow of money in and out of the cryptocurrency market, and Dogecoin has historically closely mirrored its price trends.

As a cryptocurrency analyst on social media platform X has pointed out, these patterns often extend beyond immediate price fluctuations. For example, the number of days between Bitcoin's cycle bottom and Dogecoin's subsequent peaks has shown a consistent rhythm.

In particular, technical analysis shows a consistent pattern of approximately 800 days between Bitcoin's bottom and Dogecoin's next major peak. Historical data supporting this theory is quite convincing. This pattern first appeared in 2017, when the price of Dogecoin peaked 868 days after Bitcoin hit the bottom of the previous bearish phase in 2015. Again, the 2021 rally also displayed a similar phenomenon, with Dogecoin peaking at the current all-time high of $0.7316, 875 days after Bitcoin hit the bottom in 2019.

What will the price of Dogecoin be in the future?

The ongoing market cycle seems to be following a similar trajectory. Bitcoin recently hit a bottom of $15,422 in the first half of 2023, following a prolonged bear market that saw significant declines across the cryptocurrency sector in 2022 and early 2023. Since then, Bitcoin has entered a new bullish phase, gaining momentum in the second half of 2023 and throughout 2024.

Remember the 800-day trend, the next major peak of Dogecoin may coincide with a timeline of about 800 days from Bitcoin's bottom in 2023. This forecast places the potential peak of Dogecoin around March or April 2024. In terms of price targets, the analysis provides an optimistic outlook for Dogecoin. Based on historical price performance and the magnitude of previous rallies, a price level of $5 has been identified as a realistic target for Dogecoin around the expected timeframe.

At the time of writing, Dogecoin is trading at $0.32, down 1.8% in the past 24 hours. If this trend repeats, the price of Dogecoin could soar 1,460% from the current level to a new all-time high. While this seems extremely optimistic, it is not significant compared to other predictions regarding Dogecoin's price peak. Some analysts have speculated that Dogecoin could reach as high as $20 by 2025.

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