Dogecoin’s Bullish Cycle Tells Us When We’ll See a New All-Time High
Based on the long-term trajectory of Dogecoin (DOGE), the DOGE price has the tendency to produce a new all-time high every 3 to 4 years. Therefore, this statistical edge can help us predict DOGE's price moving forward.
Dogecoin Bullish Cycle
Based on this cyclical model, we can expect Dogecoin to reach a new all-time high anywhere between 2024 and 2025. From January 2014 to January 2018, we had the first bullish cycle lasting 4 years. And from January 2018 to April 2021, we had the second bullish cycle lasting 3 years.
Between each all-time high, DOGE's price tends to consolidate in never-ending ranges that have sudden bursts in the price that are quickly reversed.
These consolidations have lasted a minimum of 156 weeks before DOGE broke above the previous all-time high.
All things considered, we don't know for sure how DOGE's price will perform compared to the previous cycles, but we have a rough estimate of what we can expect moving forward.
Reasons for Dogecoin bullish cycle
The reason for the Dogecoin bullish cycle is the high adoption of Dogecoin as a means of exchange. The price of Dogecoin is not based on fundamentals such as the number of Dogecoin in circulation or the number of transactions per day. The price of Dogecoin is based on speculation and the popularity of Dogecoin.
The more people that use Dogecoin as a means of exchange, the more the price of Dogecoin will increase. This is the case because if people are using Dogecoin as a means of exchange, it means that they are buying and selling Dogecoin which will increase the demand for DOGE.
Due to Dogecoin's popularity, there are many people discussing DOGE on social media and other platforms. This will also lead to more people buying DOGE, which will increase the price of DOGE in the long run.
Looking forward: The bottom of this consolidation can be established at the $0.05 considerable round number. This level is significant because when the price broke above it in April 2021, it led to Dogecoin hitting a new all-time high.