Experienced crypto analyst and trader Kaleo spoke optimistically about Dogecoin (DOGE), the largest memecoin in terms of market value, as the crypto market rises. The analyst also emphasized the significance of the $37,000 level for Bitcoin (BTC).
Kaleo Gives a Date for $0.20 in Dogecoin
Anonymous crypto analyst and trader Kaleo predicted a mega rally for Dogecoin towards the end of next year. According to the analyst, Dogecoin could see a rally of up to 165% from its current levels.
In his comments about the predicted rally for Dogecoin, Kaleo stated, “Dogecoin will finally start to move in the next one or two weeks. When DOGE starts to rise, it usually moves quite fast. It will go somewhere between $0.90 and $0.10 on a daily basis and then, after pausing for a while, I wouldn’t be surprised to see another rise towards $0.15. It will be a quick move. Maybe it can go a bit higher from here, but honestly, in this rally, I don’t think it can surpass $0.20, as much as I would like it to go above $1.”
According to the price chart shared by Kaleo, Dogecoin is expected to show an increase of around 1900% against Bitcoin after a potential dip in April 2024. DOGE is currently trading at around $0.0763 at the time of writing this article.
The Significance of $37,000 Level in Bitcoin Based on the Past
Referring to Bitcoin, Kaleo pointed out that the current state of the crypto market resembles the price behavior of Bitcoin after the block reward halving in 2020. The analyst said that if Bitcoin surpasses the level it last reached in May 2022, it could potentially rally similar to what happened after the block reward halving in 2020, stating:
The current price movement reminds me of where we were in December 2020 before the fun began in early 2021. If we can break above $37,000 and turn this line into support, I feel like we have a high chance of seeing something similar now.
