Veteran dealer Peter Brandt has introduced recent consideration to DOGE by figuring out hanging similarities between the present Dogecoin worth motion and the Bitcoin worth actions from 2015-2016. Brandt highlighted these patterns in a current submit on social media platform X, suggesting that Dogecoin may very well be following in Bitcoin’s early footsteps.
Peter Brandt’s Observations On Dogecoin Worth Chart Patterns
Current curiosity in Dogecoin up to now 30 days has introduced its worth motion to the forefront of the buying and selling analysts. The vast majority of these analysts have highlighted many technical indicators and buying and selling patterns that time to a continued Dogecoin worth surge within the coming months. Nonetheless, veteran dealer Peter Brandt has supplied a singular perspective that units his evaluation aside. Quite than focusing solely on indicators, Brandt compares Dogecoin’s worth motion to the early days of Bitcoin, notably to Bitcoin’s cycle from 2015 to 2016, when the main cryptocurrency was nonetheless priced beneath $1,000.
In his submit, Brandt pointed to particular worth behaviors on Dogecoin’s chart that echo Bitcoin’s construction from a number of years in the past. In response to Brandt, Dogecoin’s worth has undergone phases of worth bottoms and corrections that resemble Bitcoin’s patterns earlier than its first main rally in 2017. “Does anyone see the similarities of $DOGE to the $BTC chart in 2015-2016?” Brandt mentioned.
In response to him, the Dogecoin worth motion up to now 12 months has been characterised by a blow off high, a correction through a falling wedge, a double backside, and a fancy correction following completion of the double backside, all of which had been current on the Bitcoin worth chart in 2016. Notably, Brandt highlighted that Dogecoin is at the moment in the identical place as Bitcoin was in Could 2016.
Why Is This Good For Bitcoin?
If something, the best way Bitcoin turned out is an effective indicator of what’s in play for Dogecoin’s future. Every of the patterns highlighted by Peter Brandt was instrumental in marking Bitcoin’s backside and its subsequent climb towards new heights in 2017. If the Dogecoin worth continues to reflect Bitcoin, we might see the meme coin happening a powerful surge in 2025, very like the Bitcoin worth rally in 2017.
On the time of writing, Dogecoin is buying and selling at $0.38, and its worth has primarily doubled up to now seven days. In response to the on-chain analytics platform Santiment, this Dogecoin worth rally has been largely pushed by retail merchants. Notably, addresses holding lower than 100,000 DOGE tokens have elevated by 74,885 up to now 4 weeks, whereas sharks and whale addresses have decreased by 350 addresses in the identical timeframe.
Though Dogecoin has corrected because it reached $0.4346 up to now 24 hours, the meme coin is beginning to development on social media once more. That is as a result of US president-elect Donald Trump appointing Dogefather Elon Musk and billionaire Vivek Ramaswamy to steer the newly created Division of Authorities Effectivity (DOGE).
Featured picture created with Dall.E, chart from Tradingview.com
