Crypto analyst Sean Park has provided insight into how high the Dogecoin price could rise if Bitcoin reaches $200,000. This is as DOGE continues to suffer from massive selling pressure, with BTC struggling to break key resistance levels.
The price of Dogecoin could reach $2.50 if Bitcoin rises to $200,000
In one X messagePark shared an insight on how the Dogecoin price could rise to between $2 and $2.50 if Bitcoin rises around $200,000. Furthermore, DOGE could achieve between $4 and $4.20 if there is an adoption catalyst, such as major franchises adopting the main meme coin.
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Meanwhile, the analyst also cited predictions that the Dogecoin price could gradually rise to $10 if BlackRock files for a DOGE ETF in the next presidential election. A potential BlackRock ETF could trigger massive inflows into the Dogecoin ecosystem, leading to a parabolic rally. Bitwise, Grayscale and 21Shares currently offer DOGE ETFs.
However, there is little demand for these funds, which has not had a positive impact on the Dogecoin price. SoSoValue data shows that February 2 was the last time these funds recorded daily net inflows. They currently have total net assets of $8.39 million, which represents 0.05% of DOGE’s market capitalization.
In terms of adoption, Elon Musk’s X is one of the main platforms where market participants speculate that DOGE could be integrated into the proposed X payments at some point. This is mainly due to Musk’s affinity with the main meme coin. Such a move could provide a major boost to the Dogecoin price as it would increase the utility of the meme coin.
In the meantime, Dogecoin’s 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 after rallying to this psychological level earlier this year, leading to another corrective move.
A breakthrough is in sight for DOGE
Crypto analyst Trader Tardigrade stated that there will be a breakout for the Dogecoin price with a contracting triangle charge. He noted that DOGE is positioned tightly between converging trend lines, with highs moving lower and lows moving higher. The analyst added that it is a classic contracting triangle pattern builds up pressure.
His accompanying chart showed that the The Dogecoin price could rise to $0.16 early next month. Trader Tarigrade is confident that this rally could happen, noting that this pattern typically disappears with a sharp breakout. He added that price is falling, volume is falling 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 around $0.09313, down more than 5% in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Unsplash, chart from TradingView