Crypto analyst Master Kenobi, who predicted the start of the Dogecoin bull run, has provided an update on what is coming next for the foremost meme coin. The analyst provided two scenarios that could 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 since the Bitcoin halving. This is significant as it has historically marked the beginning of a bull run for DOGE against its BTC bear.
Furthermore, he revealed that the Dogecoin/Bitcoin chart touched the 200-day moving average (MA). In the 2021 bull run, this happened at the end of the 235-day period and not 39 days earlier like it just did. In line with this, Master Kenobi outlined two possible scenarios for the Dogecoin price.
The analyst stated that this could be a test, which will be followed by a consolidation period of around 39 days before a breakout. As for the second scenario, he remarked that this could mean that things are moving 39 days faster this time, indicating that Dogecoin is ready to outperform Bitcoin in this market cycle.
Master Kenobi had earlier mentioned that things could accelerate unexpectedly, leading to 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 would lead to DOGE crossing above the 200 MA on the weekly chart this week.
He added that if the cross doesn’t come this week, there is no issue, as this would simply mean that scenario one will play out. The analyst’s prediction is undoubtedly one to take note of, considering that he had rightly predicted when the Dogecoin bull run would start. Based on his analysis, the bull run began in September as the meme coin witnessed four 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 out for a sustained close above $0.20.
Indeed, November could be a very bullish month for Dogecoin, considering that the aftermath of the US elections always brings certainty to the crypto market. Moreover, Donald Trump is leading in the polls, which could enable Elon Musk to proceed with the Department of Government Efficiency (D.O.G.E), which has brought a lot of hype for Dogecoin so far.
At the time of writing, the Bitcoin price is trading at around $0.17, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
