Crypto analyst Sean Park has provided insights into how high the Dogecoin price could rise if Bitcoin reaches $200,000. This comes as DOGE continues to suffer massive selling pressure with BTC struggling to break key resistance levels.
Dogecoin Price Could Reach $2.50 If Bitcoin Rallies To $200,000
In an X post, Park shared an insight about how the Dogecoin price could rally to between $2 and $2.50 if Bitcoin reaches around $200,000. Furthermore, DOGE could reach between $4 and $4.20 if there is an adoption catalyst, such as major franchises adopting the foremost meme coin.
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Meanwhile, the analyst also cited predictions that the Dogecoin price could gradually rally to $10 if BlackRock files for a DOGE ETF by the next presidential election. A potential BlackRock ETF could drive massive inflows into the Dogecoin ecosystem, leading to a parabolic rally. Bitwise, Grayscale, and 21Shares currently offer DOGE ETFs.
However, these funds have seen little demand, which failed to positively impact the Dogecoin price. SoSoValue data shows that February 2 was the last time these funds recorded daily net inflows. They currently boast total net assets of $8.39 million, which represents 0.05% of DOGE’s market cap.
In terms of adoption, Elon Musk’s X is one of the major platforms where market participants speculate that DOGE could be integrated into the proposed X payments at some point. This is primarily because of Musk’s affinity for the foremost meme coin. Such a move could provide a major boost for the Dogecoin price as it would expand the meme coin’s utility.
In the meantime, the Dogecoin price continues to face significant selling pressure amid the downtrend in the broader crypto market, led by Bitcoin. BTC struggled to break above $70,000 earlier this week following its rally to this psychological level earlier this year, leading to another corrective move.
A Breakout Is On The Horizon For DOGE
Crypto analyst Trader Tardigrade stated that a breakout for the Dogecoin price is coming with a contracting triangle loading. He noted that DOGE is squeezing tight between converging trendlines, with highs getting lower while lows are getting higher. The analyst added that a classic contracting triangle pattern is building up pressure.
His accompanying chart showed that the Dogecoin price could rally to $0.16 by the start of next month. Trader Tarigrade is confident that this rally could happen, noting that this pattern typically resolves with a sharp breakout. He added that price is compressing, volume is dropping, and energy is strong, which could lead to a parabolic rally.
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At the time of writing, the Dogecoin price is trading at around $0.09313, down over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from TradingView