Crypto analyst and digital assets trader Ali Martinez is leaning bullish on the largest memecoin by market cap.

Martinez tells his 77,400 followers on the social media platform X that Dogecoin (DOGE) could go up by more than twenty-fold from the current price.

Based on the extrapolation of Fibonacci retracement levels, a technical analysis tool based on the Fibonacci sequence of numbers to forecast price targets as well as identify key support and resistance areas, Dogecoin could skyrocket between 2,016% and 12,069% from the current price, according to Martinez.

“With Elon Musk now influencing the 47th President, Donald Trump, Dogecoin could be primed for a wild ride!

In past bull cycles, once DOGE broke the 0.50 Fibonacci retracement [level], it often rallied to the 1.618 or even 2.272 Fibonacci levels. If history repeats, we could see DOGE hit somewhere between $4 and $23!”

Dogecoin is trading at $0.189 at time of writing.

Martinez is also leaning bullish on Bitcoin (BTC). The crypto analyst says that over the short term, Bitcoin could go up by around 13% from the current level after a correction.

“I think Bitcoin hits $78,000, retraces to $71,500 and then rebounds to $85,000!”

Bitcoin is trading at $75,044 at time of writing.