A prominent cryptocurrency analyst who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 has recently revealed he believes the price of the meme-inspired Dogecoin ($DOGE) could soon see a “violent upside move.”
In a post shared on the microblogging platform X (formerly known as Twitter) with his over 300,000 followers, analyst Bluntz Capital said that DOGE could see the violent upward move and outperform the flagship cryptocurrency Bitcoin when it breaks through a 3-week accumulation pattern.
The analyst, as CryptoGlobe reported, recently revealed he believes DOGE will see a 4x surge in the “final month of the bull [market] as is tradition.”
According to Bluntz, the key to unlocking this surge lies in Dogecoin’s ability to overcome its diagonal resistance level, currently situated around $0.50. Once this hurdle is cleared, he predicts that the subsequent price movement will be “violent,” mirroring the coin’s previous breakout.
A chart shared by Bluntz appears to indicate that he expects Dogecoin to reach a new all-time high above $0.90. As of the time of writing, the coin is trading at $0.435 after losing around 0.4% of its value in the last 24-hour period, and after surging 127% in the last 30 days.
Bluntz is also bullish on the broader cryptocurrency market, particularly in the month of December. He believes that top memecoins, including Dogecoin, PEPE, and SHIB, will lead the charge, driven in part by increased retail interest.
DOGE’s price has been heavily influenced by Tesla and SpaceX CEO Elon Musk’s recent appointment to lead the Department of Government Efficiency (D.O.G.E) set up by President-elect Donald Trump.
The department is set to help the U.S. government cut on its spending costs and reduce the national debt, which has soared past the $35 trillion mark.
The cryptocurrency also got a boost when Musk acquired Twitter, which he has since rebranded to X, as his initial plan includes a built-in payments system, which many believe will have DOGe integrated into it.
Featured image via Unsplash.
