Dogecoin has gained a significant following in the cryptocurrency community, and its members have been some of the most enthusiastic supporters of the digital asset. One such community member, who purchased Dogecoin over five years ago, recently shared their reasons for continuing to hold the coin and their expectations for its future.
This trader, who goes by the name John Burr, initially bought Dogecoin in 2017. Over the years, they witnessed the coin’s remarkable rise in value, particularly in 2017, 2018, and more recently in 2021. Despite already making a profit from their investment, Burr believes that there is still more to come. In their own words, “I am waiting for the bullish wave again.”
Burr recently posted a chart on TradingView, outlining their belief in Dogecoin’s potential for a meteoric rise in price. The chart begins at the $0.0615 level and indicates a similar pattern to the rally seen in 2020-2021. According to Burr’s analysis, this pattern suggests that Dogecoin could reach an initial price target of $0.7, returning it to its previous all-time high levels. However, the chart also indicates another bounce that could push Dogecoin’s price as high as $27.
To put this into perspective, if Dogecoin were to reach $27, it would represent a rally of over 37,500%, which is comparable to the price surge seen earlier in 2021. In essence, this potential price increase could mark two significant pumps in the coin’s history.
When asked to explain their reasoning, Burr highlighted the noise and short-term fluctuations in the market, emphasizing the importance of zooming out and considering long-term trends. They believe that these bear arguments are inconsequential when looking at the bigger picture.
Burr also points to an M pattern in the chart as evidence supporting their forecast. This pattern has previously appeared when Dogecoin’s price has risen before experiencing a temporary decline. However, the altcoin then goes on to form a W pattern, indicating a bullish rally.
One aspect that Burr mentioned was the occurrence of “THE DIP.” This refers to a temporary decline in Dogecoin’s price following the formation of the W pattern. At the time, Burr was uncertain whether this dip had already taken place or if a significant dip was still to come. Nevertheless, they remained confident that a bullish wave was on the horizon and expressed their determination not to be shaken out by any potential dips.
On October 31, Burr provided an update to their analysis, confirming that “THE DIP” had occurred. They stated that they anticipate sideways price movement until December 2023. After that, they expect the bull run to continue throughout the year until December 2024.
In summary, this Dogecoin investor believes in the coin’s potential for substantial price appreciation. Their analysis, based on historical patterns and long-term trends, suggests that Dogecoin could reach significant price milestones, potentially surpassing its previous all-time highs. While cryptocurrency investments are inherently unpredictable, this trader remains committed to their belief in Dogecoin’s future.
It is important to note that investing in cryptocurrencies involves risks, and this article should not be considered as financial advice. It is always recommended to conduct thorough research and consider the guidance of financial professionals before making any investment decisions.