A crypto analyst has presented a new bull case for Dogecoin (DOGE), sharing a long-term chart setup that he says reflects the same pattern that led to the explosive rally of the meme coin in 2021. He also pointed to repeated sentiment shifts at the market stages, where traders often doubt early moves before chasing prices at higher levels.
Dogecoin is expected to reach $2 soon
Market analyst Crypto Patel shared a new Dogecoin chart setup at X, which projects a potential rally towards $2 in this cycle. He based his bullish view on historical market patterns, highlighting the strong structure seen during Dogecoin’s 2021 bull run.
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In that earlier cycle, Dogecoin climbed from a low of around $0.002 in 2020 to a peak above $0.72 in 2021. This move represented a gain of over 26,800% and marked one of the most aggressive rallies in meme coin history. Before reaching that ATH, the chart structure showed two major breakouts, followed by successive upward legs marked as stages 3, 4 and 5.
Based on this structure, Crypto Patel argued that Dogecoin’s current setup is closely mirrors the 2021 bull pattern. He noted that the meme coin has already gone through two breakout phases between 2023 and 2024, followed by a retest of key support levels within a certain period. wider accumulation zone. After that retest, Dogecoin recorded its next strong upward leg in 2025, called phase 3 on the chart.
Since then, the meme coin’s price has traded within a narrow range a descending channel. The chart also shows a retest to the previous accumulation area around the $0.11 level, which the analyst considers a second confirmation of support.
Because of this structure, Crypto Patel believes the next big thing could be for Dogecoin a sharp rally towards $2. From the current level of almost $0.10, this would represent a potential gain of more than 2,700%.
How Market Psychology Plays a Role in DOGE’s Run to $2
During his analysis, Crypto Patel also pointed this out market sentiment and psychology that could influence price movements and trends ahead of Dogecoin’s potential run to $2. The analyst noted that at lower levels, such as $0.05, many traders would still dismiss Dogecoin as a dead coin.
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As the meme coin moves higher towards $0.25, Crypto Patel said some market watchers will still expect a price drop as they wait on the sidelines. Once Dogecoin reaches around $1, the analyst stated that Fear of missing out (FOMO) will automatically return to the market as investors try to make profits. Finally, he noted that at his projected peak of $2 for the target employee, there will be the same pattern of regret among those who didn’t participate earlier, as in previous bull cycles.
Featured image from Getty Images, chart from Tradingview.com