A widely respected cryptocurrency analyst and trader is expressing bullish sentiments about Dogecoin (DOGE).
An analyst known by the pseudonym Kaleo told his 642,200 followers on social media platform X that Dogecoin could rise as much as 700% to 1,500% from current levels.
“I still believe we are in a meme coin supercycle and we will see DOGE transfer to $1 – $2. History tells us there will likely be some time left to prepare before that happens.”
Dogecoin is trading at $0.125 at the time of this writing.
Regarding when Dogecoin could start rallying, an anonymous analyst said:
“Each movement (previous Dogecoin rallies) took about 8-9 months to start pumping after the (Bitcoin) halving. We are currently only two months away from the most recent Bitcoin halving. With this in mind, it would actually be more appropriate for the trend to see any real breakout/extension moves not occur until December-February.”
However, the anonymous analyst and trader warned that Dogecoin could first fall as much as 36% before rebounding.
“With this in mind, I wouldn’t be surprised to see the current bullish trend pushing back down to the 8-10 cent range and reversing the February gains we saw (around $0.09 to $0.22). A similar trend was broken with a decline and retracement of approximately 30% in August 2020, a few months before DOGE entered the mainstream and gigasending began.”
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Image created: DALLE3