Crypto analyst Ali Martinez has predicted that the Dogecoin price could rise to $23 in this market cycle. Interestingly, the analyst alluded to the role that the world’s richest man, Elon Musk, can play in sparking this price rally. 

Dogecoin Price To Reach $23 This Cycle

In an X post, Ali Martinez mentioned that the Dogecoin price could reach $23 in this bull run. The analyst explained in past bull cycles, once DOGE broke the $0.50 Fibonacci retracement, it often rallied to the 1.618 or even 2.272 Fibonacci levels. As such, if history were to repeat itself, Dogecoin could hit somewhere between $4 and $23. 

In his analysis, Martinez also mentioned that the Dogecoin price could be primed for a wild ride with Elon Musk now influencing the 47th US president, Donald Trump. Musk, a Dogecoin supporter, is set to play a major role in the Trump administration, especially if he goes ahead with his Department of Government Efficiency (D.O.G.E) proposal. 

This D.O.G.E proposal has so far provided a bullish outlook for the Dogecoin price and is the major reason why the meme coin has outperformed the other top cryptos in the last month. 

The proposal is believed to be Elon Musk’s indirect way of shilling Dogecoin, which he has done on several occasions, especially through his cryptic tweets. 

Crypto analyst Master Kenobi recently described the Dogecoin price as being the most “strategically positioned” because of Elon Musk’s D.O.G.E proposal. The analyst believes that the D.O.G.E proposal could indirectly impact DOGE’s image and the Dogecoin price. He also

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Author: Scott Matherson