Analyst John Burr see Dogecoin The price (DOGE/USD) reached the $3 mark on January 20 and even reached $20 in the future, according to its analysis.
What happened: “It’s strange how DOGE repeats its historical pattern,” Burr wrote on TradingView. “…there appears to be some temporal proximity between Inauguration Day and the next upward move.”
Burr predicts Dogecoin will reach $3 by Inauguration Day. However, the analyst also acknowledged the possibility that he could be wrong, given Dogecoin’s current price below the dollar.
“But I’m fine with it because I believe this is the start of the bull run. I don’t care about the precise timing,” he wrote.
While some estimate Dogecoin will hit $40 by next year, more skeptics won’t predict it will go above $3, Burr said while adding that he thinks Doge could hit $20. However, he is not sure.
“I don’t know, to be honest. The market is bigger than me, regardless of the size of my wallet, my brain or my pedigree. Nevertheless, I bet my money on what I believe to be the historical pattern,” Burr wrote.
Why it matters: Doge rose after Donald Trumpthe country’s landslide victory in the presidential elections. Doge prices have risen more than 160% in the past month and more than 50% in the past seven days, likely due to expectations of pro-crypto regulations under Trump.
Trump also named the Dogecoin billionaire as a supporter Elon Musk to be the spearhead of Ministry of Government Effectiveness with former Republican presidential candidate Vivek Ramaswamy. THE DOGE department acronymcoupled with Musk’s support for Doge and Trump’s promise to establish the United States as the “crypto capital of the planet” during his campaign this year, likely motivated the rally.
Price action: At the time of writing, DOGE was down 7.42% over the past 24 hours. However, the cryptocurrency has gained more than 50% over the past week, according to BenzingaPro data.
Photo: Execution via Unsplash
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