Dogecoin Could Surge 60x and Reach $20 in 2024 Bull Cycle
- 60x potential in the 2024 cycle, potentially reaching $20.
- Bullish history shows significant cyclical patterns.
- Market capitalization defies ambitious targets.
Dogecoin ($DOGE), the famous meme-based cryptocurrency, is once again capturing the market’s attention with predictions pointing to a significant jump in its price in the 2024 bull cycle. According to recent analysis, the memecoin could reach an impressive $20, which would represent a 60x increase from its current value.
At the time of publication, the price of DOGE was quoted at US$0,3559 with an increase of 11.5% in the last 24 hours.
This ambitious projection is anchored in Dogecoin’s growth history during previous cycles. In 2017, the asset saw a 90x jump, while in 2021, the increase was even more impressive, reaching 306x. These movements highlight the cyclical behavior of the asset, which often records significant gains in bull markets.
Cryptocurrency analyst Javon Marks has shared an analysis on his X account (formerly Twitter) that suggests Dogecoin could be on the verge of repeating this historical pattern. Marks points out that the asset is close to forming a large vertical movement, known as a “God candle,” that could take the price above the $20 mark.
Updating this again because $ DOGE (Dogecoin) still looks to be in another Bull cycle and in each of its previous cycles, its runs have become larger.
Another similar performance happening again, as history shows to be possible, would equate to a >60X from here to $20+ 🧐… https://t.co/m1j7kZpAju pic.twitter.com/zduUSKHaKv
— JAVON⚡️MARKS (@JavonTM1) January 13, 2025
Factors Supporting Optimism
Among the factors driving Dogecoin’s rise is the growing institutional interest in the cryptocurrency market, as well as the continued support of its vibrant community. The cryptocurrency’s widespread visibility, especially on social media and in traditional media, also contributes to its increased demand.
Additionally, the cyclical behavior of the crypto market favors bullish moments for assets like Dogecoin. As the 2024 cycle takes shape, investors and analysts are observing a change in market sentiment, indicating a possible significant appreciation trend.
Limitations and Realistic Perspectives
While the $20 price tag is impressive, it comes with significant challenges. To reach that level, Dogecoin would need a market cap of around $2,95 trillion, which is more than the current total of the entire cryptocurrency market. Still, analysts point out that more modest goals, such as surpassing the all-time high of $0,73 or reaching $1, are much more achievable in a bullish scenario.
Dogecoin is currently trading at around $0,34, up 9% in the past 24 hours, according to market data. The recent recovery suggests that the asset is positioning itself for a possible consolidation move and new highs in the coming months.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Tomi Unveils 7-Phase Roadmap for its SuperApp
Cool-ish PPI reading paves way for CPI report
Analysts still caution investors not to take a cool reading as a sign for future rate cuts
AI Tokens Rally Up to 28% After Franklin Templeton's Bullish AI Agent Report
XDC Token Hits Four-Year Peak in Stunning 21% Surge