What's Next For The Dogecoin Bull Run?

Crypto analyst Master Kenobi, who predicted the start of the Dogecoin bull run, has provided an update on what is coming next for the foremost meme coin.

Dogecoin price has had an incredible run in 2023, rallying over 100% from its 2021 low. The meme coin has outperformed Bitcoin and several other cryptocurrencies in the market. As the year comes to an end, crypto analysts are providing their predictions for what is coming next for Dogecoin.

What’s Next For Dogecoin Bull Run? Master Kenobi Provides 2 Scenarios

Prominent crypto analyst Master Kenobi, who earlier predicted the start of the Dogecoin bull run, has now provided an update on what is coming next for the foremost meme coin. The analyst outlined two scenarios that could play out for the Dogecoin price from its current level.

Master Kenobi provided the update on the Dogecoin bull run in an X post. He mentioned that the market is 39 days away from closing the 235-day period since the Bitcoin halving. This is significant as it has historically marked the beginning of a bull run for DOGE/BTC.

Moreover, he revealed that the Dogecoin/Bitcoin chart touched the 200-day moving average (MA). In the 2021 bull run, this happened at the end of the 235-day period and not 39 days earlier like it just did. In line with this, Master Kenobi outlined two possible scenarios for the Dogecoin price.

The analyst stated that this could be a test, which will be followed by a consolidation period of around 39 days before a breakout. As for the second scenario, he remarked that this could mean that things are moving 39 days faster this time, indicating that Dogecoin is ready to outperform Bitcoin in this market cycle.

Master Kenobi had earlier mentioned that things could accelerate unexpectedly, leading to the Dogecoin price surging ahead of the US elections and catching many off guard. Based on this, the analyst is leaning toward the second scenario, which would lead to DOGE crossing above the 200 MA on the weekly chart this week.

He added that if the cross doesn’t come this week, there is no issue, as this would simply mean that scenario one will play out. The analyst’s prediction is undoubtedly one to take note of, considering that he had rightly predicted when the Dogecoin bull run would start. Based on his analysis, the bull run began in September as the meme coin witnessed four consecutive green weeks, which went on into October.

November Set To Usher In A Parabolic Bull Run For DOGE – Analyst

In another X post, crypto analyst Ali Martinez mentioned that history hints at the possibility of a “parabolic bull run” for Dogecoin in November. He added that market participants should keep an eye out for a sustained close above $0.17.

Indeed, November could be a very bullish month for Dogecoin, considering that the aftermath of the US elections always brings certainty to the crypto market. Moreover, Donald Trump is leading in the polls, which could enable Elon Musk to proceed with the Department of Government Efficiency (D.O.G.E), which has brought a lot of hype for Dogecoin so far.

At the time of writing, the Bitcoin price is trading at around $0.15, down over 2% in the last 24 hours, according to data from CoinMarketCap.