$3 By January? Crypto Analyst Reveals Why The Dogecoin Price Is Primed For A Surge To $20
John Burr, cryptocurrency analyst at TradingView, said: discussed potential Dogecoin Price Reaching $3 during this market cycle. Driven by positivity over recent political events initiated by SpaceX and Tesla CEOs Elon MuskBurr revealed that Dogecoin could not only reach $3, but could also surge to $20.
US politics could push DOGE to $3
TradingView analysts say Dogecoin price may be preparing for a strong bull run towards the $3 target. In his report, Burles discussed Political changes in the cryptocurrency markethighlighted the changes the recent US presidential election had on the price of Dogecoin.
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Based on its price chart, Burr claims Dogecoin is repeat historical trends This is a sign of an upcoming bull market rally. The analyst also noted a correlation with Musk Department of Government Efficiency (DOGE), Suggesting that future government actions or regulations supporting cryptocurrencies could indirectly impact cryptocurrencies.
and, Donald TrumpThe upcoming inauguration of the 47th U.S. President may also trigger the next bullish move in the cryptocurrency market. As a result, Burr predicts Dogecoin price could surge to $3 inauguration day.
taking into account Dogecoin is trading below $1 Mark, the analyst admits that his bullish prediction on meme coins may be wrong. He instead focused on the broader cryptocurrency bull market. He revealed that the market is currently at a The beginning of the bull marketwhich gives Dogecoin more room for growth.
Burrs revealed that Dogecoin’s $3 price target may be conservative for some analysts, as they expect an extreme target of around $40 next year. The analyst noted that skeptical cryptocurrency experts are unlikely to predict that DOGE price will exceed $3, mainly due to concerns about market capitalization. This shows Dogecoin market capitalization Must surpass important cryptocurrencies and may even surpass Bitcoin before reaching $40.
Such substantial increases in price and market capitalization appear unattainable as they would require sustained, strong demand and Investor interest in Dogecoin. However, due to its memecoin status and the frequent occurrence of negative market conditions, sustaining such widespread demand could pose a challenge for Dogecoin, which remains vulnerable to market fluctuations.
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Can Dogecoin price reach $20?
In his TradingView post, Burr also highlighted Dogecoin price hits new high of $20. The analyst admitted he had doubts about the feasibility of such an ambitious price jump, which contrasted with his previous confidence in his $3 DOGE price forecast.
The $20 target means a significant increase in the price of Dogecoin, which is currently trading at $0.37. Dogecoin’s price is set to rise by approximately 5,300% on the back of an extremely bullish environment, favorable market sentiment, and widespread adoption.
Featured image created using Dall.E, chart from Tradingview.com
