The Legendary Analyst Reveals Elon Musk's Favorite Cryptocurrency Could Rise 80%

Dogecoin, the meme coin once favored by Elon Musk, has risen more than 10% in the past seven days, following the upward trend of the crypto market as Bitcoin reached a record high of 123,091.61 dollars earlier this week. A meme coin is a type of cryptocurrency that parodies a popular cryptocurrency. It is called that because it evokes memes or trending phenomena. Ali Martinez, a well-known crypto analyst known by the handle @ali_charts on X, shared a price analysis chart and showed that this meme coin appears to be forming a "double bottom" pattern.

A double bottom is a bullish reversal pattern that forms after a downtrend on the price chart, marked by two similar bottoms and a breakout point at the middle peak. It signals that selling pressure has diminished and a trend reversal towards the upside may be occurring. If this cryptocurrency asset follows the pattern as analysts predict, the price could reach $0.42 by September.

Launched in December 2013, Dogecoin is a parody version of the first decentralized cryptocurrency, Bitcoin, which was launched in 2009. As the largest cryptocurrency in the world, Bitcoin is the preferred choice for companies adopting a cryptocurrency treasury strategy. However, Dogecoin — a knockoff version of BTC — is also not to be underestimated. Some companies, such as Bit Origin (Nasdaq: BTOG), have also started buying DOGE to add to their balance sheets. At the time of the press report, Dogecoin was trading at $0.234, nearly 70% lower than its all-time high of $0.7376 achieved on May 8, 2021. To reach the target of 0.42 dollars, DOGE needs to increase by nearly 80% within two months. The legendary analyst stated that Elon Musk's favorite coin could increase by 80% when it first appears on TheStreet on July 18, 2025.