Dogecoin has gained a reputation as one of the major altcoins in the cryptocurrency market that has seen impressive price increases during each bull market cycle. These strong performances have cemented it as a favorite among investors, and the current cycle is no exception. With the expectation that the cryptocurrency market will see another bull run in the coming months, analysts believe that Dogecoin will take off and reach double-digit prices.

Historical bullish pattern

Dima analyst James Potts has shared an interesting formation in the Dogecoin chart. The analysis takes into account the memecoin's past performance during cryptocurrency bull cycles and how the price has behaved leading up to each rally.

Dima James Potts points out that before the 2017 bull market, there was a crossover between the Dogecoin bear market bottom and the bull cycle peak. This resulted in a 9,000% rally that sent DOGE price jumping from $0.00009 to $0.014.

Source: X

Then, in the next bull cycle ending in 2021, the price of Dogecoin repeated the same pattern. Once again, there was an intersection of the path from the bear market bottom with the path from the bull market top, as illustrated in the chart.

Like in 2017, this crossover marked the beginning of another significant bull run for the price of Dogecoin. Fueled by the help of people like billionaire Elon Musk, the price of Dogecoin rose from under $0.015 to $0.70, completing an 18,000% increase in price during this time.

Now, the same pattern has appeared again and just like before, the analyst predicts that it is a signal that DOGE price is ready for another bull run.

Additionally, Potts points out that Dogecoin's price always spikes in the third year of each cycle, so the start of the next bull run should come in 2024, before the big bull run occurs in 2025.

Dogecoin Price Could Hit $10

Using the same trend that has emerged in the last two bull cycles, Potts believes that the Dogecoin price is preparing for a significant rally, especially in 2025. Using previous bull runs, he predicts that the DOGE price could rise as high as $10.

If this happens, the price of memecoin would increase by about 10,000% from its $0.10 price at the time of writing.

“In the first cycle (2017), Dogecoin increased by 9,000% and in the second cycle (2021), it increased by 18,000%. If this trend continues, we could see equally impressive, if not greater, price increases in the third cycle.”

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