Crypto analyst Master Kenobi, who predicted the beginning of the Dogecoin bull run, has provided an update on what’s coming next for the foremost meme coin. The analyst provided two scenarios that would play out for the Dogecoin price from its current level.
What Next For The Dogecoin Bull Run
Master Kenobi provided an 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 because the Bitcoin halving. This is important because it has historically marked the start of a bull run for DOGE against its BTC bear.
Moreover, he revealed that the Dogecoin/Bitcoin chart touched the 200-day moving average (MA). Within the 2021 bull run, this happened at the tip of the 235-day period and never 39 days earlier prefer it just did. In step with this, Master Kenobi outlined two possible scenarios for the Dogecoin price.
The analyst stated that this may very well be a test, which shall be followed by a consolidation period of around 39 days before a breakout. As for the second scenario, he remarked that this might mean that things are moving 39 days faster this time, indicating that Dogecoin is able to outperform Bitcoin on this market cycle.
Master Kenobi had earlier mentioned that things could speed up unexpectedly, resulting in 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 might result in DOGE crossing above the 200 MA on the weekly chart this week.
He added that if the cross doesn’t come this week, there isn’t any issue, as this may simply mean that scenario one will play out. The analyst’s prediction is undoubtedly one to be aware of, considering that he had rightly predicted when the Dogecoin bull run would start. Based on his evaluation, the bull run began in September because the meme coin witnessed 4 consecutive green weeks, which went on into October.
November Set To Usher In A Parabolic Bull Run
In an X post, crypto analyst Ali Martinez mentioned that history hints that November could spark a “parabolic bull run” for Dogecoin. He added that market participants should keep an eye fixed out for a sustained close above $0.20.
Indeed, November may very well be a really bullish month for Dogecoin, considering that the aftermath of the US elections at all times brings certainty to the crypto market. Furthermore, Donald Trump is leading within the polls, which could enable Elon Musk to proceed with the Department of Government Efficiency (D.O.G.E), which has brought loads of hype for Dogecoin to this point.
On the time of writing, the Bitcoin price is trading at around $0.17, down over 2% within the last 24 hours, in response to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com