Dogecoin’s constant price surge will help Bitcoin hit US$24k before 2023 starts
During the Asian session, the Bitcoin price is trading near $20,480, struggling below the 61.8% Fibonacci retracement level of $21,000. Early on October 31, major cryptocurrencies were trading in the red. However, the global crypto market cap is still above $1 trillion, with a trading volume of $72 billion, down from $91 billion. After having a steady downfall for a considerable period of time, the most popular cryptocurrency, Bitcoin (BTC) is showing some signs of recovery. No doubt, this brings some relief to the cryptocurrency’s nagging bearish trends in the highly volatile crypto market. But before one has a smile on their face it is also important to note that the Bitcoin price patterns are quite irregular. On the other hand, The price of Dogecoin has pumped 100% in the last week of October, bringing almost two-thirds of Dogecoin wallets into profit. So the question is, will Dogecoin help Bitcoin hit US$24k before 2023 starts?
Irregular Bitcoin price pattern has led to the observation by a number of experts that it is better to be cautious about any overt optimism for Bitcoin, especially about the possibility of having a sustained bullish trend as it is being followed by a bearish one as far as Bitcoin is concerned. This pattern shows up in charts when the BTC price moves upward with pivot highs and lows converging toward a single point known as the apex. When it is accompanied by declining volume, it can signal a trend reversal and a continuation of the bear market. Bitcoin has not yet come out of the rising wedge but if the observers are proven right there remains a strong possibility that it will lead to renewed selling as the popular cryptocurrency in the crypto market.
On October 29 the Dogecoin price shot up 75%. It was the highest daily gain since April last year, when Dogecoin rallied to the all-time high of $0.74. No other price pump in the intervening 18 months has beaten these 24-hour gains.
So what happened the last time Dogecoin pumped so high in such a short amount of time?
Dogecoin immediately fell -20% in price directly after the pump in April 2021. But it wasn’t the end of the DOGE rally. The token continued to receive attention as Elon Musk appeared on Saturday Night Live in May last year. Dogecoin went up a further 196% in price in the following fortnight. But, as expected, the Dogecoin price has fallen consistently until the bear market this year. The Dogecoin price was back where it was before the pump in April 2021 – and then came news of Elon Musk’s Twitter takeover. If news remains bullish, there’s a chance prices could continue to rise.
Bitcoin hit US24k seems possible because based on previous reports on Bitcoin, the cheaper market value is facilitating institutional investors to hoard large amounts of BTC tokens. These movements basically give hope to regular investors about the future prospects of the BTC token, while some believe Bitcoin is dead, there are others who say that the cryptocurrency will rise again and continue to remain the most prominent cryptocurrency in the market.
How the Bitcoin Loss has Impacted the Crypto market?
‘Decline after decline’ is the recent Bitcoin thing. BTC has lost over 45% of its value in the past couple of months since it reached an all-time high in November. Other digital tokens also suffered as much hit as Bitcoin in the recent past. But since Bitcoin is synonymous with the cryptocurrency market, its price fall has taken a toll on the virtual asset ecosystem. Bitcoin has lost US$600 billion in market valuation while the cryptocurrency market lost US$1 trillion.
So, when will Bitcoin hit US$24K?
Experts say that it has been quite easy to predict when Bitcoin will reach US$24K, its previous engagements with some of the top brands in the world and rapid increase in market value. Most skeptics believe that the value of BTC will probably plummet as low as US$10,000 before it finally moves towards US$24,000.
