Veteran trader Peter Brandt has drawn new attention to DOGE by identifying striking similarities between Dogecoin’s current price action and Bitcoin’s price movements from 2015 to 2016. Brandt highlighted these patterns in a recent post on social media platform X, suggesting that Dogecoin could… Follow in Bitcoin’s early footsteps.
Peter Brandt’s notes on Dogecoin price chart patterns
The recent interest in Dogecoin over the past 30 days has caused its price to move To the front From trading analysts. The majority of these analysts highlighted several technical indicators and trading patterns Which refers to a Dogecoin prices continue to rise In the coming months. However, veteran trader Peter Brandt brought a unique perspective to his analysis. Instead of focusing solely on indicators, Brandt compares Dogecoin’s price action to the early days of Bitcoin, in particular to the Bitcoin cycle from 2015 to 2016, when the price of the leading cryptocurrency was still below $1,000.
in His positionBrandt pointed to specific price behaviors on the Dogecoin chart that mirror the structure of Bitcoin from several years ago. According to Brandt, the price of Dogecoin went through phases of price troughs and corrections similar to Bitcoin patterns before its first major rise in 2017. “Does anyone see similarities between $DOGE and the $BTC chart in 2015-2016?” Brandt said.
According to him, Dogecoin’s price movement last year was characterized by a burst top, a correction through the falling wedge, a double bottom, and a complex correction after the completion of the double bottom, all of which were present on the Bitcoin price chart in 2016. Notably, Brandt highlighted that Dogecoin is currently in the same Bitcoin status in May 2016.
Why is this good for Bitcoin?
If anything, the way Bitcoin has turned out is a good indicator of what’s happening for Dogecoin’s future. Each of the patterns highlighted by Peter Brandt were instrumental in defining Bitcoin’s bottom and subsequent rise to new heights in 2017. If Dogecoin’s price continues to mirror Bitcoin, we could see the meme coin see a strong rally in 2025, just like Bitcoin. Bitcoin price rise in 2017
At the time of writing, Dogecoin is trading at $0.38, and has essentially doubled in value in the past seven days. according to On-chain analytics platform Santiment, Dogecoin’s price rise has been largely driven by retail traders. Notably, addresses with fewer than 100,000 DOGE tokens increased by 74,885 in the past four weeks, while addresses for sharks and whales decreased by 350 addresses in the same time frame.
Although Dogecoin has corrected since it reached $0.4346 in the past 24 hours, the meme has started trending on social media again. This is due to US President-elect Donald Trump appointing father Elon Musk and billionaire Vivek Ramaswamy to lead the newly created Department of Government Efficiency (DOGE).
Featured image created with Dall.E, chart from Tradingview.com