Crypto Analyst Puts Dogecoin Price As High As $23 This Cycle, What Does It Have To Do With Elon Musk?

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.

Source: X

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 mentioned that he wouldn’t be surprised if Musk also shills Dogecoin in other ways.

He gave an example of the world’s richest man putting the DOGE sticker on SpaceX and sending it to the moon. Meanwhile, there are still speculations that the X platform, which Musk owns, could adopt DOGE payments for their payment service.

DOGE To $10 Still In Play

Crypto analyst Dima James confirmed that the projected Dogecoin price rally to $10 is still in play. The analyst remarked that to confirm the price breakout and the start of a parabolic move up, Dogecoin needs to close the week above $0.18.

Dima James noted that the weekly chart highlights how the Dogecoin price performance has historically turned positive after the green and red lines on his accompanying chart crossed. According to the analyst, this same pattern is playing out in this cycle, indicating that Dogecoin can replicate its gains in the previous cycles. He added that a parabolic move begins for the Dogecoin price whenever it rises above the yellow line on the weekly timeframe.

At the time of writing, the Dogecoin price is trading at around $0.18, down 9% in the last 24 hours, according to data from CoinMarketCap.