Analyst John-Burr sees Dogecoin (DOGE/USD) price hitting the $3 mark by Jan. 20 and even touching $20 in the future, as per his analysis.
What Happened: “It’s eerie how DOGE is repeating its historical pattern,” Burr wrote on TradingView. “…there seems to be some temporal proximity to the Inauguration Day and the next bullish movement.”
Burr predicts Dogecoin to touch $3 by Inauguration Day. However, the analyst also acknowledged the possibility that he could be wrong, given the below-a-dollar price of Dogecoin now.
“But I am okay with that because I believe that this is the beginning of the bull run. I don’t care about the specific timing,” he wrote.
While some estimate Dogecoin to touch $40 by next year, the more skeptical won’t predict it to go over $3, Burr said while adding that he believes Doge could touch $20. However, he is not sure.
“I don’t know, tbh. The market is bigger than me, no matter the size of my portfolio, brain, or pedigree. Nevertheless, I bet my money on what I believe is the historical pattern,” Burr wrote.
Trump has also named billionaire Dogecoin supporter Elon Musk to spearhead the Department of Government Efficiency together with former Republican presidential candidate Vivek Ramaswamy. The department’s acronym DOGE, coupled with Musk’s support for Doge and Trump’s promise of establishing the U.S. as the “crypto capital of the planet” during his campaign this year likely drove the rally.
Price Action: At the time of writing, DOGE was down 7.42% in the last 24 hours. However, the cryptocurrency has gained over 50% in the past week, according to Benzinga Pro data.
Photo: Executium via Unsplash
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
