Ignoring recent downsides, a popular cryptocurrency trader on Thursday reiterated their bullish forecast for Dogecoin (CRYPTO: DOGE) this year.
What Happened: Trader Tardigrade, noted for recognizing patterns and forecasting price movements, expressed confidence that the dog-themed cryptocurrency will reach the $1 milestone sooner or later.
“Retracement often occurs before a massive spike,” the trader stated, urging their followers not to read too much into the ongoing correction.
Dogecoin hit a yearly peak of $0.46 in Dec. 2024 but has since dropped nearly 30%. Over the last month, the coin was down 16%.
In a separate analysis, Trader Tardigrade set price targets of $2 for the 2025 cycle and $8 for 2028, advising long-term holding of DOGE for substantial gains.
That said, Trader Tardigrade was not alone in the bullish optimism. Another widely followed analyst, Javon Marks expected DOGE to continue a “massive” bull cycle.
“All Time Highs in another near +120% move can be coming in any moment now and even then, could have much, much more to go…,” Marks made a bold prediction.
See Also: US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto
Why It Matters: These bullish outlooks stood in stark contrast to some other analyses that foresaw a potential dip in Dogecoin’s value.
Renowned Dogecoin analyst Kevin expressed a bearish sentiment on Dogecoin, stating, "If BTC doesn't bounce, then this probably has lower to go before finding a bottom."
Derivatives traders were positioned long for Dogecoin. Over 82% of traders on Binance expected the leading meme coin to rebound in the days ahead, according to the Long/Short Ratio.
Morever, popular blockchain analytics firm IntoTheBlock gave a “Mostly Bullish” signal for the cryptocurrency at the time of writing, as opposed to “Mostly Bearish” for Ethereum (CRYPTO: ETH) and Cardano (CRYPTO: ADA).
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3264, down 3.87% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was up 0.55%, compared to nearly 273% in gains in 2024.
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