The reversal of Dogecoin (DOGE) is indeed eye-catching, especially when Elon Musk mentions it in public or on social media, and its price tends to rise in response. Recently, Musk mentioned Dogecoin at an event, and its price immediately broke through the highs of previous months. Currently, the price of DOGE is $0.1330, up 23% in the past seven days and 6.8% in the last 24 hours, even as the overall crypto market is down 1.5%.

Several notable price increases in Dogecoin’s history have been related to Bitcoin’s halving events. For example, within 231 days after the second halving, the price surged by approximately 8,000%; within 192 days after the third halving, the price increased by an astonishing 23,000%. It is expected that after the fourth halving on April 20, 2024, the price of DOGE will explode again, which may herald the beginning of the bull market cycle in 2025.

Through Fibonacci tool analysis, the price of DOGE has now retraced to the level of 0.785 and is rising. If buying pressure continues, the price of DOGE could surge to the 4.236 extension level, which is around $3.95. Judging from historical performance, Dogecoin has performed particularly well during the bull market, rising by 8,000% in 2017 and soaring by 23,000% in 2021.

Fans of DOGE have reason to look forward to the future of this meme coin. DOGE and other cryptocurrencies may see new upward momentum as markets anticipate a rate cut by the Federal Reserve in November and the outcome of the U.S. election. Especially if Trump wins the election, the market generally expects that this will be beneficial to the entire crypto industry, and the price of the currency may rise sharply by then, breaking through the previous high of $73,000.

However, it is worth noting that despite the market enthusiasm for DOGE, its price volatility is also very high. When investors consider investing in DOGE, they should fully consider market risks and do appropriate risk management. At the same time, it is also important to note that the cryptocurrency market is affected by a variety of factors, including macroeconomic conditions, market sentiment, technological development, etc., so price predictions are not 100% certain.