Dogecoin price could reach a bold double-digit figure if it follows Bitcoin’s path as Bitcoin eyes the $13 million target.
Saylor: Bitcoin at $13 million
As a reminder, the $13 million target was designed by the president of MicroStrategy and Bitcoin Bull. Michael Saylor last year. Speaking to CNBC’s Squawk Box last September, Saylor boldly predicted that Bitcoin could reach $13 million in 2045, twenty years from now.
His prediction came at a time when Bitcoin was fighting to capture the $60,000 price territory after giving it up in August 2024. At the time of Saylor’s prediction, Bitcoin was changing hands around $58,000. However, this battle the $60,000 region has not discouraged Bitcoin defenders.
Notably, Saylor’s bullish stance on Bitcoin indirectly translates into a bullish stance in the broader crypto market, despite him being a maxi Bitcoin. This is due to the close correlation between Bitcoin and the rest of the crypto market, especially the top altcoins.
Dogecoin price correlation with Bitcoin
For example, data from CoinMarketCap indicates that the price of Dogecoin has followed the direction of Bitcoin over the past week amid continued market uncertainty. However, the leading coin experiences more substantial declines and gains due to its higher volatility.
This close price relationship confirms that altcoins like Dogecoin will likely benefit greatly if Bitcoin reaches the ambitious $13 million price target set by Michael Saylor.
To put things into perspective, Bitcoin is currently trading at $94,250, down almost 5% over the past seven days. For the crypto asset to reach the $13 million target, it it will be necessary massive rebound of 13,693%. Additionally, an increase from $94,250 to $13 million translates to a CAGR of 27.9% over a period of twenty years.
Dogecoin price if BTC hits $13 million
If The price of Dogecoin follows the trajectory of Bitcoin and experiences a similar growth rate, its price would be will increase by 13,693% over the next twenty years. With DOGE currently changing hands at $0.3325 at press time, a 13,693% gain would lead to $45.86.
Considering the historical price performance of Bitcoin and Dogecoin, a CAGR of 27.9% remains very achievable. As a reminder, Bitcoin saw an annual increase of 120.9% in 2024 alone, mainly due to its resurgence in the first and fourth quarters. Meanwhile, DOGE saw a more substantial rise of 252.8% in 2024.
However, years of bear market could dampen this projected growth. Despite this, price surges during bullish periods could offset the increase. that these crypto assets could record in a few years, considering the CAGR of 27.9%.
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