Global Macro CEO Raoul Pal has opined that meme cryptocurrency Dogecoin (DOGE) could potentially reach a new high against Bitcoin (BTC).

Pal shared a chart of DOGE/BTC, highlighting a falling wedge pattern, which is known for being a bullish reversal pattern.

Dogecoin (DOGE) is known for its rather uneventful price action during the 2014-2021 period, which was only interrupted by a minor bull market in 2017. However, the cryptocurrency experienced an enormous rally in 2021.

After the 2021 bull market, which saw Dogecoin (DOGE) surge to a high of 0.000017 BTC, the cryptocurrency has been engaged in a rather long-term ranging market.

Pal appears to suggest that a similar scenario might play out this time around. Another long-term descending channel has now formed, meaning that Dogecoin might be preparing for another massive breakout following years of price consolidation.

The chart shared by Pal shows a bull fag where the massive 2021 rally potentially acts as a flagpole.

Breaking above the upper boundary of the current descending channel could potentially set the stage for the creation of a new bull flag. In such a case, the leading meme cryptocurrency could potentially surge to the previous high (roughly 0.0017 BTC) and potentially record additional gains.

Pal has joked that Dogecoin (DOGE) becoming "the hardest currency on earth" would be the most amusing outcome considering its facetious nature.