Veteran dealer Peter Brandt has introduced recent consideration to DOGE by figuring out placing similarities between the present Dogecoin worth motion and the Bitcoin worth actions from 2015-2016. Brandt highlighted these patterns in a current put up on social media platform X, suggesting that Dogecoin may very well be following in Bitcoin’s early footsteps.
Peter Brandt’s Observations On Dogecoin Price Chart Patterns
Recent curiosity in Dogecoin prior to now 30 days has introduced its worth motion to the forefront of the buying and selling analysts. The majority of those analysts have highlighted many technical indicators and trading patterns that time to a continued Dogecoin price surge within the coming months. However, veteran dealer Peter Brandt has provided a singular perspective that units his evaluation aside. Rather 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 post, Brandt pointed to particular worth behaviors on Dogecoin’s chart that echo Bitcoin’s construction from a number of years in the past. According 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 anybody see the similarities of $DOGE to the $BTC chart in 2015-2016?” Brandt mentioned.
According to him, the Dogecoin worth motion prior 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 May 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. Each 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.
At the time of writing, Dogecoin is buying and selling at $0.38, and its worth has basically doubled prior to now seven days. According 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 prior to now 4 weeks, whereas sharks and whale addresses have diminished by 350 addresses in the identical timeframe.
Although 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. This is as a result of US president-elect Donald Trump appointing Dogefather Elon Musk and billionaire Vivek Ramaswamy to guide the newly created Department of Government Efficiency (DOGE).
Featured picture created with Dall.E, chart from Tradingview.com
