The digital currency market has been in a period of stabilization for the past seven days. with significant modifications It has been seen in both Bitcoin and Dogecoin. Bitcoin, after hitting an all-time high of $108,135 on December 17, fell to $93,000. Similarly, Dogecoin has been under pressure, falling from its recent high near $0.48. to settle above $0.30 At the time of writing
Based on technical analysis of both cryptocurrencies, an interesting correlation has emerged that suggests that Dogecoin will rise to $5 in the next few months.
The 800-Day Trend: A Case for Dogecoin's Correlation with Bitcoin
Bitcoin and Dogecoin have one of these The largest correlation between digital currenciesespecially during the market cycle transition. Bitcoin has always driven inflows and outflows into the crypto market, and Dogecoin has historically mirrored its price trends very closely.
Related reading
As pointed out by a cryptanalyst on social media platform Xthese patterns often go beyond immediate price movements. For example, the number of days between cyclical peaks in Bitcoin and subsequent peaks in Dogecoin has shown a consistent rhythm.
In particular, technical analysis shows that there has been a consistent pattern of approximately 800 days between Bitcoin's lowest price and Dogecoin's next major high. The historical data supporting this theory is convincing. It first appeared in 2017, when Dogecoin's price peaked 868 days after Bitcoin's bottom in a previous bearish phase in 2015. $0.7316 875 days after Bitcoin 2019 low.
What's in store for the Dogecoin price?
The ongoing market cycle appears to be following a similar path. Bitcoin hit a 2023 low of $15,422 in the first half of 2023, following a long bear market that saw significant declines in the crypto industry in 2022 and early 2023. Since then, Bitcoin has entered a new bullish phase and gained momentum in the second period. Half of 2023 and throughout 2024.
Related reading
Considering the 800-day trend, Dogecoin's next major peak could correspond to a roughly 800-day timeline of Bitcoin's 2023 low. This prediction shows Dogecoin's potential peak around March or April 2024. In terms of price targets, the analysis offers an optimistic outlook for Dogecoin. Based on historical price performance and The scale of previous gatheringsthe price of $5 has been identified as a realistic target for Dogecoin in the forecast time frame.
At the time of writing, Dogecoin is trading at $0.32, down 1.8% in the last 24 hours. If this trend repeats, the price of Dogecoin could reach an all-time high of 1,460% from its current levels. While this sounds incredibly bullish, it is dim Compared to other predictions The price of Dogecoin is reaching an all time high. Several analysts have speculated that Dogecoin It could reach $20 in 2025.
Featured image created with Dall.E, chart from Tradingview.com
