Benzinga - A pseudonymous crypto analyst has made a bold bet on the future of Dogecoin (CRYPTO: DOGE).
What Happened: The analyst predicts that DOGE will rally over 140% by the end of 2023, reflecting a significant surge in value for the popular cryptocurrency. “Every dog has its day. It’s finally time to send.”
This optimistic outlook comes as DOGE has already witnessed a 6% rally, currently trading at $0.071.
$DOGE / $BTCEvery dog has its day.
It's finally time to send. pic.twitter.com/XF8uNKOoNb
— K A L E O (@CryptoKaleo) November 6, 2023
The broader cryptocurrency market, including Dogecoin, has shown considerable strength in recent weeks. One significant driver of this trend is the increasing optimism surrounding the potential approval of a spot Bitcoin (CRYPTO: BTC) ETF. In response, major financial firms are amending their ETF applications, and industry insiders believe that the SEC may soon greenlight a spot ETF.
Addressing the recent market dynamics, the analyst stated, “The way alts are starting to pop off, I find it hard to believe Dogecoin doesn’t see a squeeze out of its current range.”
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Why It Matters: This indicates their expectation of DOGE breaking out of its current price range and experiencing an upward surge.
The analyst also highlighted their enthusiasm for the DOGE vs. Pepe Coin (CRYPTO: PEPE) chart, suggesting a potential favorable comparison between Dogecoin and another cryptocurrency.
"I like the $DOGE vs. $PEPE chart as well. Would love for $DOGE to just go vertical from here, but wouldn’t be surprised to see a little pullback / bit more accumulation before a full send," the analyst added.
DOGE / BTC pair has broken out fwiw pic.twitter.com/ntpTAAsfL9— K A L E O (@CryptoKaleo) November 6, 2023
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