Cryptocurrency analyst Behdark conducted an in-depth analysis of the price trend of Dogecoin, which has currently reached a historical high (ATH) of $0.75. In his analysis, he explained why Dogecoin may still experience significant pullbacks before rebounding to the current ATH.
Next wave of Dogecoin price is bearish
In an article on TradingView, Behdark stated that the price of Dogecoin seems to be entering wave F, which is a bearish wave. This cryptocurrency analyst pointed out that previous corrective waves lasted between 196 and 347 days, so it is expected that wave F will also last between 196 and 347 days.
The analyst's accompanying chart indicates that during the corrective wave F, the price of Dogecoin could drop to $0.15. Similar to waves B and D, the analyst noted that this corrective wave is expected to have high volatility. Based on the timeline of 196 to 347 days, this corrective wave may not end until sometime in November 2025.
Once corrective wave F is complete, the price of Dogecoin will transition to wave G. Behdark stated that wave G will be a bullish wave that could reach new ATH. The accompanying chart shows that Dogecoin may reach around $0.8 in this impulsive upward movement. However, the highly anticipated psychological level of $1 may still not be reached by the most important meme coin.
Meanwhile, this cryptocurrency analyst added that weekly candlesticks below the ineffective level of $0.12 would invalidate the buying prospects in the green area between $0.15 and $0.20. Considering predictions from cryptocurrency analysts like Trader Tardigrade that this meme coin could rise to double digits before mid-2025, Behdark's analysis offers a completely different perspective on the price of Dogecoin.
Behdark's analysis also indicates that the price of Dogecoin is unlikely to reach $1 in this market cycle, as market participants have been eyeing this target since the meme coin began its parabolic rise from October to November.
The four-year cycle continues
Cryptocurrency analyst KrissPax gave a more optimistic outlook for the price of Dogecoin, stating that the four-year cycle is still in play. This analyst cited a historical pattern where Dogecoin began to rise in January 2021 after showing an upward trend in late December 2020. He then proposed the possibility of this historical trend repeating itself.
Cryptocurrency analyst Master Kenobi also previously stated that the price of Dogecoin could rebound in January 2025, as he referenced the historical pattern of the 2021 bull market. This cryptocurrency analyst believes that Dogecoin could reach new highs around Donald Trump's inauguration, especially with the activity of the Department of Efficiency (DOGE) after Trump takes office.
According to data from CoinMarketCap, at the time of writing, Dogecoin's price is approximately $0.31, having dropped nearly 2% in the past 24 hours.
