Dogecoin Price Could Hit $20 in This Bull Cycle, Predicts Analyst

Highlights:

• Analyst Javon Marks predicts Dogecoin could rally to $20 during the current bull cycle.
• Historical trends suggest Dogecoin could repeat past rallies. 
• Despite short-term volatility, DOGE shows potential for a parabolic rise, according to analysts.

Analyst Javon Marks shared a bold Dogecoin (DOGE) forecast on X (formerly Twitter). He predicts that the DOGE price could rally to $20 during the current bull cycle. Marks’ analysis relies on historical trends showing increasing price gains in Dogecoin’s past cycles.

According to analysis, the price rose 90 times in 2017, while 2021 saw a 306x surge. Historical trends suggest an even greater rally this year, potentially pushing the price beyond $20. The chart shows steady upward movements before dramatic price surges. Market trends and investor confidence drive these rallies. Dogecoin’s price recently rose to $0.3226 after hitting a weekly low of $0.3097. This suggests that $0.3097 might act as a support level, signaling possible upward momentum.

$DOGE (Dogecoin)'s bull cycle performances, looking over the previous two, have consecutively become larger, and prices look to be well in the process of delivering yet another monumental bull showcase!

Another, larger run bull this cycle could result in a more than $20 DOGE. pic.twitter.com/uNruqmBIBt

— JAVON⚡️MARKS (@JavonTM1) December 28, 2024

These analyses align with recent bullish predictions from Galaxy Research, which forecasts Dogecoin could reach $1 next year. The firm points to key factors such as whale accumulation and Elon Musk’s D.O.G.E. initiatives as catalysts for this growth. Although DOGE faces competition from other memecoins, its past growth suggests this target is possible. They predict Bitcoin could reach $150,000 by mid-2025. Ethereum might surpass $5,500 due to easing regulatory pressures.

23 – Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching $100bn market cap.

However, Dogecoin market cap will be eclipsed by the Department of Government Efficiency, which will identify and successfully enact cuts in amounts exceeding Dogecoin’s…

— Galaxy Research (@glxyresearch) December 27, 2024

Bullish Outlook for Dogecoin as Whale Activity Increases

On Dec. 27, crypto analyst Ali Martinez suggests a potentially bullish outlook for Dogecoin. He points out that whales have accumulated over 90 million DOGE in the last 48 hours, signaling long-term optimism. Historically, whale activity has preceded major price movements, indicating that renewed momentum may be possible.

Whales bought over 90 million #Dogecoin $DOGE in the past 48 hours! pic.twitter.com/lGsMtz0iPp

— Ali (@ali_charts) December 27, 2024

A Whale CVD analysis shows significant interest in over fifty major cryptocurrencies. Dogecoin, in particular, seems poised for big price movements, attracting attention from investors and analysts.

Coinbase premium green shoots + fresh powder on-chain.

Feels like we're turning the corner.

Based on Whale CVD visual scan of 50+ high caps & high attentions:$DOGE is set to full send.

— Cole Garner (@ColeGarnersTake) December 27, 2024

Today, DOGE’s price rose by nearly 3.39%, trading at $0.3263. Its trading volume dropped by 30% to $1.4 billion. The cryptocurrency reached a 24-hour high of $0.3394. This marks a surge of over 125% since early November when it was priced at $0.15. CoinGlass data showed that DOGE Futures Open Interest increased by about 2.4%. It reached $2.05 billion, indicating a bullish market sentiment.

Goldman Sachs Analyst Predicts Dogecoin Price Could Soar to $20

Previousy, analyst Ali Martinez predicted that DOGE could replicate its bullish patterns from 2017 and 2021. This could potentially lead to DOGE reaching $20. On the daily chart, Dogecoin’s price action shows a failure to maintain its position within a rising channel. Despite short-term volatility, a Goldman Sachs analyst predicts a potential parabolic rise for DOGE. 

In 2021, DOGE experienced a 476% rally, followed by a 56% correction. This was followed by an incredible 12,000% increase. In this year, Dogecoin surged 240% before seeing a 46% retracement. This movement closely mirrors the historical patterns from previous years. Based on this trend, the Goldman Sachs analyst suggests that DOGE could potentially reach $20. They also predict Bitcoin may hit $150,000 by mid-2025 and Ethereum could surpass $5,500, citing easing regulatory pressures.