$89k Bitcoin and can Dogecoin finally reach that 1 dollar target after 140% profit in a week?

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Last Updated on 12 November 2024 by CryptoTips.eu

Although everyone is talking about Bitcoin today and its new all-time high (which was to be expected although this is truly very fast), I myself was particularly amazed in recent days by Dogecoin’s incredible run.

When I look at my articles of the last five years, I think I have found a possible explanation for this, no matter how strange it is going to sound. I also take a look at the long-term technical analysis of Bitcoin and how it should (normally) progress from here.

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Technical analysis Bitcoin

When in doubt, zoom out, the old stock market adage says, which means that you should look at the past years to determine the further price development of an investment. Let’s take a look at the last five years for Bitcoin.

Doing so, we can conclude that the upper limit since 2021 has been between $65k and $75k and the lower limit has been between $15k and $25k. That lower limit has probably been increased because of last weekend’s break above $80k, while the new upper limit will now be between $85k and $100k.

I expect FOMO (due to the global media attention that will come with it) if Bitcoin does indeed hit $100k before New Year’s and then a sharp pullback due to profit taking and panic. In the longer term (and we are talking about 2030 and beyond), I think Bitcoin can indeed rise above $250,000, at least as long as Donald Trump is president and he realizes that crypto fans are partly responsible for his ‘landslide’ election victory. Furthermore, current vice president JD Vance is a Bitcoin Hodler so that is very positive.

At the time of writing, Bitcoin is trading at $87,000.

Can Dogecoin hit that fabled 1 dollar?

Striking to see the sharp increase in Dogecoin’s price this week. You could say that this was mainly due to the hype around Donald Trump and Elon Musk, but I read between the lines and found a very interesting theory put forward by social media commenters.

Both Trump and Musk have a favorite child. For Trump this is clearly his son Barron (who was apparently responsible for the many podcasts Trump which promoted him during his election campaign), for Musk it seems to be X (who was originally called X Æ A-12 until the California government told him that numbers and special characters in names are prohibited and so the name was abbreviated to X).

Barron is a big crypto fan who, according to his father, has several crypto wallets. Musk already said in 2022 that he opened a wallet with Dogecoins for X.

Many crypto fans on the internet see an investment in Dogecoin as a surrogate or addendum to an investment in Bitcoin or Tesla at this point, as Musk is considered the ultimate Dogecoin fangirl.

Many also know that during Bitcoin’s previous bull runs (particularly that of spring 2021), Dogecoin (as well as other memecoins) rose much faster.

Can Dogecoin go to 1 dollar this time, just like it tried once in 2021? It will take a lot of money and an incredible bull run, but if Bitcoin can get to $100k from this point and the science is that Dogecoin rises faster than Bitcoin during a bull run, then it might indeed be possible. As always, this is not financial advice but rather my personal opinion.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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