The cryptocurrency market has been undergoing a period of consolidation for seven days, with noticeable improvements observed in both Bitcoin and Dogecoin. Bitcoin, after hitting an all-time high of $108,135 on December 17, saw a correction towards $93,000. Similarly, Dogecoin has come under pressure, falling from recent highs near $0.48 stabilize just above $0.30 at the time of writing.

According to the technical analysis of both cryptocurrencies, an engaging correlation has emerged which indicates that Dogecoin will rise to $5 in the next few months.

800-day trend: the case of Dogecoin vs. Bitcoin correlation

Bitcoin and Dogecoin have one of these the highest correlations among cryptocurrenciesespecially during transitional market cycles. Bitcoin has always generated inflows and outflows into the cryptocurrency market, and Dogecoin has historically closely mirrored its price trends.

As noted by a cryptocurrency analyst on social media platform Xthese patterns often go beyond immediate price movements. For example, the number of days between Bitcoin’s cyclical lows and Dogecoin’s subsequent highs shows a consistent rhythm.

Specifically, technical analysis shows that approximately 800 days passed between Bitcoin’s bottom and Dogecoin’s next major peak. The historical data supporting this theory is compelling. This pattern first appeared in 2017, when Dogecoin’s price peaked 868 days after Bitcoin’s previous bear market low in 2015. Again, the 2021 bull rally showed the same phenomenon, with Dogecoin reaching its current high all-time high of $0.7316 875 days after Bitcoin’s 2019 low.

What awaits the price of Dogecoin?

The current market cycle appears to be following a similar trajectory. Bitcoin reached its recent low of $15,422 in the first half of 2023, after a long bear market that saw the cryptocurrency industry suffer significant declines in 2022 and early 2023. Since then, Bitcoin has entered a modern phase of growth, gaining momentum in the second half, half of 2023 and all of 2024.

With an 800-day trend in mind, Dogecoin’s next gigantic top could coincide with a timeline of around 800 days from Bitcoin’s 2023 low. This projection indicates that Dogecoin’s potential peak is March or April 2024. As for price targets , the analysis presents an confident outlook for Dogecoin. Based on historical price performance and the scale of previous ralliesa price of $5 was considered a realistic target for Dogecoin within the projected date.

At the time of writing, Dogecoin is trading at $0.32, down 1.8% in the last 24 hours. If this trend repeats, Dogecoin’s price could surge 1460% from current levels to modern all-time highs. While this seems incredibly confident, it pales in comparison compared to other predictions Dogecoin price peaks. Several analysts have speculated that Dogecoin it could reach as much as $20 in 2025.

Featured image created with Dall.E, chart from Tradingview.com