Forget Dogecoin at $1: The price could rise to $12 if history repeats itself.

Dogecoin is still unable to reclaim its all-time high (ATH) of $0.74 reached in 2021. However, many investors and analysts remain optimistic that the $1 price level could be the next target for this altcoin in the current cycle. This belief stems from the expectation that a new altcoin season could trigger a strong bullish run similar to what happened in 2021. Nevertheless, if Dogecoin does indeed replicate the pattern of the previous two bullish cycles, the $1 mark could just be the beginning, as the true growth potential of this coin could surpass that figure.

The model is similar to previous cycles

Famous analyst Trader Tardigrade has pointed out that on the price chart of Dogecoin, a pattern similar to previous ones has appeared, signaling the possibility of a strong bullish wave to come. This pattern is said to be quite similar to previous growth cycles, times when Dogecoin witnessed significant breakouts.

According to Tardigrade's analysis, this model first appeared in 2017, before witnessing an impressive bullish trend. During this period, the price of Dogecoin created lower highs and then dropped sharply, before entering a consolidation phase. After that, the price broke out strongly, resulting in Dogecoin increasing by over 2,000%, from below $0.00018 to above $0.0075 in just a short period.

A similar pattern also formed during the altcoin season of 2020-2021, just before the price of Dogecoin saw a surge. However, this time, the breakout was much stronger, with an increase exceeding 30,000%. The price of Dogecoin skyrocketed from below $0.002 to over $0.73 in just a few months. This remains the highest price that Dogecoin has ever reached and is a significant milestone for the community of investors in this coin.

Currently, Dogecoin's price chart is showing a striking similarity to previous growth cycles, suggesting that the coin may be on the verge of a strong bull run. If this pattern continues to repeat itself as in previous cycles, it is very likely that Dogecoin will not only hit the $1 mark but also surpass that level impressively. The (ROI) rate of return from this increase can surpass previous cycles, thanks to the stability of the market and the growing interest from the investor community as well as the push from fundamental factors.

However, despite the many positive expectations for this bullish trend, Dogecoin is still facing certain challenges, particularly regarding market capitalization. With a current total supply of over 149 billion coins, the ability to reach excessively high prices in this cycle may be limited. To maintain strong growth, Dogecoin needs strong support from market capitalization, which requires significant growth in trading volume and participation from large investors.

Will Dogecoin reach 12 dollars?

One of the interesting predictions from analyst Trader Tardigrade is the possibility that the price of Dogecoin could exceed $12 if the market continues to maintain strong growth momentum and the fundamentals remain supportive. However, it should be noted that to reach this price level, Dogecoin will face a significant challenge: achieving a market capitalization of over $1.7 trillion – a figure that even Ethereum, the second largest cryptocurrency by market capitalization, has yet to reach.

With a massive supply of over 149 billion coins, a price of 12 dollars seems implausible in this cycle, at least in the short term. However, with similar price patterns that have emerged in the past and strong expectations from the community, a level of 1 dollar remains a very achievable target and could be a stepping stone for Dogecoin to continue reaching higher price levels in the future.

While Dogecoin has yet to reach its all-time high, current indications suggest that a strong rally may be approaching. $1 could be the next target in this cycle, and if technical factors along with the current market situation continue to be supportive, Dogecoin can fully break through this price mark. This opens up great opportunities for investors in the future. However, it should be noted that while Dogecoin has strong growth potential, factors such as its market cap and large supply still need to be scrutinized when making predictions about its value in the near term.

Lilly