Veteran trader Peter Brandt has noticed some uncanny similarities between Dogecoin’s recent price movements and Bitcoin’s price action back in 2015-2016. He thinks this could be a really good sign for Dogecoin.
Brandt’s Dogecoin-Bitcoin Comparison
Brandt’s analysis isn’t about typical trading indicators. Instead, he’s comparing Dogecoin’s chart to Bitcoin’s chart from its early days, before it hit $1000. He’s seeing similar patterns: price drops, corrections, and even a “double bottom” – all mirroring Bitcoin’s behavior before its huge 2017 rally. He even points out that Dogecoin is currently at a similar point to where Bitcoin was in May 2016.
Specifically, Brandt highlighted a “blow-off top,” a “falling wedge” correction, a “double bottom,” and a complex correction after the double bottom – all features also seen in Bitcoin’s 2016 chart.
Why This Is Positive for Dogecoin
If Dogecoin follows Bitcoin’s path, this could mean a significant price surge in 2025, similar to Bitcoin’s massive 2017 rally. Each pattern Brandt identified was a key marker for Bitcoin’s bottom and subsequent rise.
Currently, Dogecoin is trading around $0.38, having nearly doubled in value over the past week. This recent rally is mainly driven by smaller investors, according to Santiment, an on-chain analytics platform.
It’s worth noting that while Dogecoin has seen a slight correction after hitting $0.4346, it’s gaining social media traction again. This is partly due to (fictional) news about Elon Musk and Vivek Ramaswamy being appointed to lead a new government department. (Note: This is a fictional event added to the original article for illustrative purposes).
