Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) could swell as high as $23 this cycle, a noted cryptocurrency analyst delivered a bold prediction on Saturday.

What happened: Ali Martinez, known for analyzing the chart and on-chain patterns of top digital assets, wrote on X, "If you like fractals, then you'll love Dogecoin... $4 to $23 next!"

In trading, fractals are recurring patterns of price movements that can help identify reversal points in the market. A bullish fractal pattern occurs when the price is in a downtrend, followed by a bounce back, resembling a U.

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Since its inception, Martinez plotted the history of the leading meme coin, highlighting how the price has typically rallied after correcting from an upward breakout from a down-trending trendline from cyclical highs.

If history is repeated and DOGE eventually hits $23, that would mean a staggering 7185.4% upside. The dog-themed cryptocurrency has grown 252% year-to-date.

Why It Matters: This was not the first time that Martinez made a bullish prediction for Dogecoin.

Taking cues from previous bull markets, he said last week that the asset could see a "parabolic rally" in 2025.

Meanwhile, DOGE's technical indicators were bearish as of this writing, according to TradingView.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Sell" signal.

The Awesome Oscillator, which compares recent price movements to longer-term averages, also indicated further downsides.

Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3174, down 1.42% in the last 24 hours, according to data from Benzinga Pro.

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