How high can Dogecoin price rise if Bitcoin hits $122k?

Dogecoin's Remarkable Performance in November

Dogecoin (DOGE) has experienced a surge in value this month, reaching $0.4795 on November 28th, its highest level since May 2021. This uptrend mirrors the broader crypto market rally.

Since September, the price of DOGE has increased by 365%, trading at $0.40 on November 1st. Historically, DOGE and Bitcoin (BTC) prices have closely followed each other. This correlation, with a coefficient of 0.98, suggests future DOGE gains may depend on Bitcoin's performance.

Bitcoin's Influence on Dogecoin's Bull Run

As Bitcoin approaches $100,000, there is a likelihood that DOGE will continue its positive momentum. Technical indicators suggest Bitcoin may reach $122,000, based on a cup-and-handle pattern on the weekly chart.

Bullish Factors for Bitcoin

Bitcoin's price often rises in November and December, providing seasonal support. Additionally, the potential appointment of Paul Atkins, well-respected in the crypto industry, as the head of the Securities and Exchange Commission could boost market confidence.

Dogecoin's Price Trajectory

If Bitcoin reaches $122,000, DOGE's price is likely to follow suit. On the weekly chart, DOGE has formed a bullish flag or pennant pattern, indicating a potential breakout.

A strong breakout could push DOGE's price towards $0.7400, its all-time high. However, a drop below $0.2278 would invalidate this bullish outlook.