A well-known cryptocurrency analyst, using the pseudonym Kaleo, has expressed a highly bullish outlook on Dogecoin (DOGE). Sharing his insights with his 642,200 followers on social media platform X, Kaleo predicts that Dogecoin could surge by 700% to 1,500% from its current price.
Expected Surge in Dogecoin Price
Kaleo believes that we are currently in a “meme coin supercycle” and anticipates Dogecoin reaching $1 to $2. He suggests that there is still some time left to prepare for this significant price movement. At the time of writing, Dogecoin is trading at $0.125.
Timing of the Rally
Discussing the potential timing for Dogecoin’s rally, Kaleo notes that previous Dogecoin surges began approximately eight to nine months after Bitcoin halvings. Since we are only two months past the most recent Bitcoin halving, he predicts that a substantial breakout might not occur until December to February.
Potential Short-Term Decline
However, Kaleo also warns of a possible short-term decline. He suggests that Dogecoin could drop by up to 36% before the anticipated rally. He wouldn’t be surprised to see Dogecoin fall back to the eight to ten cents range, retracing its February move up from around $0.09 to $0.22. A similar pattern occurred in August 2020, a few months before Dogecoin went mainstream and experienced a significant price surge.
Preparing for the Surge
Investors and traders should consider both the potential for significant gains and the possibility of short-term declines. Kaleo’s analysis offers a roadmap for those looking to capitalize on the expected Dogecoin surge while being mindful of the inherent risks.