Sure heres a rewritten version while keeping the meaning intactAnalyst Predicts Timing for DOGE to Reach 1

Since the start of June, the value of Dogecoin (DOGE) has been on a steady decline, dropping by over 22%. However, despite this downward trend, analysts believe that DOGE may soon experience a major bullish reversal based on technical indicators. Crypto analyst Big Mike recently shared a bullish forecast for DOGE on X (formerly Twitter), suggesting that the meme coin could surpass the $1 mark during this bull cycle.

Big Mike’s price prediction is based on the Elliott Wave theory, which is supported by a set of technical indicators. The theory, which is used to predict market cycles and price movements, identifies recurring fractal wave patterns. According to Big Mike’s analysis, DOGE could reach $1 by late 2024 to 2025.

When examining the DOGE/USDT weekly chart, a clear Elliott Wave pattern can be observed. DOGE has completed five major waves, reaching a peak of around $0.68835. Following this peak, DOGE entered a corrective phase, forming waves W, X, and Y, indicating a period of consolidation.

Currently, DOGE is in a new upward cycle, with waves (1) and (2) already formed. The price action is contained within an ascending channel pattern, which provides a framework for predicting future movements and supports the bullish outlook.

Wave (3) is expected to propel DOGE to a higher resistance level, possibly between $0.35 and $0.50, based on Fibonacci extensions. This wave is typically the strongest and most extended, driven by significant market momentum. The upper boundary of the ascending channel aligns with these targets, further reinforcing the potential price range. Following wave (3), a corrective wave (4) is anticipated, retracing a portion of wave (3)’s gains and potentially bringing DOGE down to a support range of $0.20 to $0.25. This correction within the ascending channel is crucial for establishing a foundation for the final push.

Wave (5) represents the final push in this cycle, with the potential to propel DOGE towards $1. The strength of wave (5) often correlates with market sentiment and external factors, such as broader cryptocurrency market rallies or significant news events. The upper trendline of the ascending channel could guide this wave, potentially leading to a significant increase in DOGE’s price, especially if accompanied by strong trading volumes and investor confidence.

Currently, DOGE is trading at $0.12, experiencing a 4.85% decline in the 24-hour chart. Despite the bearish sentiments and volatility surrounding Dogecoin, the acceptance of Dogecoin payments by Tesla could contribute to the mainstream adoption of the cryptocurrency as a viable digital payment method. This increased adoption and demand could potentially lead to an increase in value.

However, it’s important to note that meme coins like Dogecoin are highly susceptible to sudden price swings driven by social media hype and market sentiment. While the technical indicators suggest significant potential for growth, investors are advised to remain cautious and aware of market conditions and external factors that may impact DOGE’s performance.

Disclaimer: The content of this article should not be considered as investment advice. Investing in cryptocurrencies carries risks, and your capital is at risk.