A prominent cryptocurrency analyst has recently revealed he is bullish on the price of the meme-inspired cryptocurrency Dogecoin ($DOGE), predicting it could surge over 550% from its current levels to reach the coveted $1 mark.

In a recently published video on the Google-owned platform YouTube, pseudonymous cryptocurrency analyst DonAlt revealed that he believes DOGE reaching $1 “isn’t too unlikely,” suggesting the cryptocurrency could move up over 550% from its current $0.15 level.

His bullish outlook on Dogecoin, as Daily Hodl first reported, stems from the coin’s recent price action relative to Bitcoin, which he interprets as a sign of strong support as DOGE “kind of dipped back into support on the BTC chart,” he explained.

DonAlt acknowledged potential drawbacks to his bullish thesis, setting a price point of around $0.05 as a level that would negate his optimism. However, he emphasized that the potential reward outweighed the risk, particularly considering that Dogecoin recently traded at a low price of $0.12, which is 20% away from the $0.1 mark that he considered an “optimal” entry point.

As CryptoGlobe reported, another popular pseudonymous cryptocurrency analyst, Altcoin Sherpa, noted in a post on the microblogging platform X (formerly known as Twitter) to their over 200,000 followers, that DOGE’s price surge could be partly supported by its “firepower” attributed to it being “king meme” and being supported by Tesla and Space X CEO Elon Musk to surge over 550%.

Musk has previously expressed his interest in the token and has hinted at its possible integration into his ventures, such as X, which have historically led to DOGE price rises.

The price of the meme-inspired cryptocurrency surged in November 2022, for example, when Musk noted that the platform would be supporting payments, fueled by speculation the cryptocurrency – which Musk has said “might be my fav cryptocurrency” – could be a part of the payments system integrated into the platform.

DOGE has historically seen significant rallies over short periods of time. Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Featured image via Unsplash.