Veteran dealer Peter Brandt has introduced contemporary consideration to DOGE by figuring out hanging similarities between the present Dogecoin value motion and the Bitcoin value actions from 2015-2016. Brandt highlighted these patterns in a latest put up on social media platform X, suggesting that Dogecoin might be following in Bitcoin’s early footsteps.
Peter Brandt’s Observations On Dogecoin Worth Chart Patterns
Current curiosity in Dogecoin prior to now 30 days has introduced its value motion to the forefront of the buying and selling analysts. Nearly all of these analysts have highlighted many technical indicators and buying and selling patterns that time to a continued Dogecoin value surge within the coming months. Nonetheless, veteran dealer Peter Brandt has supplied a novel perspective that units his evaluation aside. Slightly than focusing solely on indicators, Brandt compares Dogecoin’s value 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 put up, Brandt pointed to particular value behaviors on Dogecoin’s chart that echo Bitcoin’s construction from a number of years in the past. In line with Brandt, Dogecoin’s value has undergone phases of value 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 line with him, the Dogecoin value motion prior to now yr 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 value chart in 2016. Notably, Brandt highlighted that Dogecoin is at present in the identical place as Bitcoin was in Could 2016.
Why Is This Good For Bitcoin?
If something, the way in which 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 value continues to reflect Bitcoin, we might see the meme coin happening a robust surge in 2025, very like the Bitcoin value rally in 2017.
On the time of writing, Dogecoin is buying and selling at $0.38, and its worth has basically doubled prior to now seven days. In line with the on-chain analytics platform Santiment, this Dogecoin value rally has been largely pushed by retail merchants. Notably, addresses holding lower than 100,000 DOGE tokens have elevated by 74,885 prior 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 prior to now 24 hours, the meme coin is beginning to pattern on social media once more. That is because of the US president-elect Donald Trump appointing Dogefather Elon Musk and billionaire Vivek Ramaswamy to guide the newly created Division of Authorities Effectivity (DOGE).
Featured picture created with Dall.E, chart from Tradingview.com
