Cover image via U.Today

Global macro investor Raoul Pal suggests Dogecoin (DOGE) could reach a new all-time high against Bitcoin (BTC). Pal shared a chart illustrating a long-term falling wedge, a bullish reversal pattern.

After relatively stagnant price action from 2014-2021, DOGE saw a significant rally in 2021. Pal implies a similar scenario may unfold. A new long-term descending channel has formed, suggesting potential for another substantial breakout after years of consolidation.

His chart also depicts a bull flag, with the 2021 rally serving as the flagpole. Breaking above the current descending channel's upper boundary could create a new bull flag, potentially driving DOGE to its previous high (approximately 0.000017 BTC) and beyond.

Pal humorously commented that DOGE becoming "the hardest currency on earth" would be the most ironic outcome given its origins. Read the original article on U.Today