Veteran trader Peter Brandt has drawn attention to DOGE by identifying striking similarities between Dogecoin's current price action and bitcoin's price movements of 2015-2016. Brandt highlighted these patterns in a recent post on social media platform x, suggesting that Dogecoin could be following in bitcoin's early footsteps.
Peter Brandt's Observations on Dogecoin Price Chart Patterns
The recent interest in Dogecoin in the last 30 days has sparked its price action. at the forefront of business analysts. Most of these analysts have highlighted many technical indicators. and trading patterns that points to a continuous increase in Dogecoin price in the coming months. However, veteran trader Peter Brandt has offered a unique perspective that sets his analysis apart. Rather than focusing solely on indicators, Brandt compares Dogecoin's price action to the early days of bitcoin, particularly bitcoin's 2015-2016 cycle, when the leading cryptocurrency was still priced below $1,000.
In <a target="_blank" href="https://x.com/PeterLBrandt/status/1856539615341035599″ rel=”nofollow” target=”_blank”>your publicationBrandt pointed out specific price behaviors on the Dogecoin chart that echo bitcoin's structure from several years ago. According to Brandt, Dogecoin's price has gone through phases of lows and corrections that resemble bitcoin's patterns before its first big rally in 2017. “Does anyone see the similarities of $DOGE with the $btc chart in 2015-2016?” Brandt said.
According to him, Dogecoin's price action over the past year was characterized by a crash, a correction via a falling wedge, a double bottom, and a complex correction after completing the double bottom, all of which were present on the chart. of bitcoin prices in 2016. In particular, Brandt highlighted that Dogecoin is currently in the same position as bitcoin in May 2016.
Why is it good for bitcoin?
If anything, the way bitcoin turned out is a good indicator of what's at stake for Dogecoin's future. Each of the patterns highlighted by Peter Brandt was instrumental in marking 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 experience a sharp rise in 2025, very similar to bitcoin price rally in 2017.
At the time of writing, Dogecoin is trading at $0.38 and has nearly doubled in value over the past seven days. <a target="_blank" href="https://x.com/santimentfeed/status/1856218257050460275″ rel=”nofollow” target=”_blank”>According On on-chain analytics platform Santiment, this Dogecoin price rally has been largely driven by retail traders. Notably, addresses containing less than 100,000 DOGE tokens increased by 74,885 in the last four weeks, while shark and whale addresses decreased by 350 addresses in the same time period.
Although Dogecoin has corrected since hitting $0.4346 in the last 24 hours, the meme coin is starting to trend on social media again. This is because US President-elect Donald Trump appointed Doge 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
