As the Bitcoin price gained strength, the markets also turned bullish. Most cryptos initiated a strong recovery from the latest pullback, which has kept up the momentum of most of the altcoins. While some altcoins experienced a major rise, Dogecoin experienced a minor upswing, but before entering the bullish zone, it faced a significant bearish action. Regardless of the bearish interference, the DOGE price remains primed for a huge upswing as a new ATH at $5 is pre-programmed.
Dogecoin gained mainstream attention during the 2021 bull run. Moreover, the bull run started with the DOGE price rally that surged from the consolidation around $0.0045 to as high as $0.7376. A similar rise has been recorded since the start of the last quarter of this year, which is expected to trigger a 2021-like bullish trend. Here’s Why.
DOGE price recently moved from a long consolidation in the accumulation phase that lasted from early November to mid-December, followed by a manipulation phase. Historically, a strong distribution is expected to follow, which is expected to push the DOGE price towards a new ATH.
A popular analyst, Trader Tardigrade, discovered the similarities between the 2021 bull run and the current price action. The analyst highlighted the crypto repeating the same consolidation phase it underwent in 2021. DOGE price surged heavily in January 2021, followed by a minor consolidation that further resulted in a massive breakout to the ATH. Currently, the price is seeing the same consolidating patterns, suggesting the next price action in January could be the Big Bang month.
Many analysts and veterans look forward to a strong bull run in 2025, which may further trigger an altseason. If the Dogecoin (DOGE) price rally repeats the previous pattern, the market participants may expect a new ATH much above the $1 milestone, somewhere close to $4.5 to $5. Once these levels are achieved, it would be very difficult for the bears to drag the levels back below $1 even in times of a strong bear market.
