Dogecoin (DOGE) price could hit an unprecedented level if it proportionally mirrors the Bitcoin rally to the $2.4M target set by Ark Invest.

As Bitcoin continues to capture the attention of institutions, states, and nations, some bulls envision the firstborn crypto soaring to eye-popping targets.

Crypto asset manager Ark Invest has predicted that Bitcoin could hit a price level of $2.4 million by 2030. If the premier cryptocurrency continues to surge proportionally, and Dogecoin follows suit, it could reach a staggering target of $4.428 by May 2034.

Earlier this month, Ark Invest expressed its belief that Bitcoin will reach a price target of $2.4 million by 2030. This prediction is based on the asset’s store of value utility, growing investment in spot Bitcoin ETFs, and nation-state adoption of BTC as a treasury asset.

The asset manager’s projection suggests that the $2.4 million target could be achieved in the next five years. Moreover, at current prices and assuming there are 20 million BTC in circulation, Bitcoin’s market cap would amount to about $48 trillion if it hits the $2.4 million target.

However, to reach the $2.4 million target, Bitcoin needs to surge by 2,439% from its current price of $94,521.

Dogecoin Correlation With Bitcoin

Assets like Dogecoin (DOGE) could benefit immensely from BTC’s rally to the $2.4 million target. Notably, Dogecoin has a high correlation with Bitcoin.

Indeed, data from IntoTheBlock shows that Dogecoin has a correlation of 97% with Bitcoin over the past 30 days. Similarly, the correlation matrix over the past two months is at 65%.

The data reveals that Bitcoin’s price movement has strongly influenced Dogecoin’s performance in the past few weeks.

Price Of Dogecoin If Bitcoin Hits $2.4M

Should this trend continue, Dogecoin might experience a monumental surge if Bitcoin soars 2,439% to $2.4 million.

For instance, if DOGE’s price grows by 2,439%, it will hit a target of $4.428. This estimate assumes that Dogecoin’s supply remains constant at 149.13 billion tokens.

Moreover, if Bitcoin surges to $2.4 million, as projected by Ark Invest, and Dogecoin continues to follow BTC’s price movement closely, then DOGE’s price could soar to around $4.42.

If Dogecoin continues to mirror Bitcoin’s performance, it might surpass the $4 target when BTC hits the $2.4 million apex. However, there’s a possibility that Dogecoin could surge even higher during a bull run.

In December 2024, lead Dogecoin analyst Kevin suggested that it is highly likely that Dogecoin could set a new all-time high of $4 by the end of this year.

Three months later, Kevin indicated that Dogecoin was mirroring its performance in the 2020/2021 cycle. The expert asserted that if the trend continues, Dogecoin could embark on its next leg toward the $4 territory.

In addition, popular crypto analyst Alan issued a bullish prediction for Dogecoin, pointing to a potential surge to $3.8—a Fibonacci 1.618 Extension level.

Essentially, there is a likelihood that Dogecoin might surpass the $4 target even when it closely mirrors Bitcoin’s price movement toward Ark Invest’s $2.4 million target. This speculation is due to Dogecoin historically outperforming Bitcoin during a bull run.

Meanwhile, Changelly experts are less optimistic about Dogecoin’s trajectory. The trading platform predicts that Dogecoin will clinch the $4 target by 2034 and eventually soar to the $4.45 level by May 2034.

The post Dogecoin Price Prediction: Can DOGE Reach $4 If Bitcoin Hits $2.4M As Preditced By Ark Invest? appeared first on The Crypto Basic.

The post Dogecoin Price Prediction: Can DOGE Reach $4 If Bitcoin Hits $2.4M As Preditced By Ark Invest? appeared first on The Crypto Basic.