Veteran trader Peter Brandt has brought DOGE back into the spotlight by identifying striking similarities between the current Dogecoin price action and the Bitcoin price movements of 2015-2016. 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 observations on Dogecoin price chart patterns
Recent interest in Dogecoin over the past 30 days has led to price action to the foreground of the trade analysts. The majority of these analysts have highlighted many technical indicators and trading patterns that points to one continued price increase of Dogecoin 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 Bitcoin’s early days, especially Bitcoin’s cycle from 2015 to 2016, when the leading cryptocurrency was still priced below $1,000.
In his postBrandt pointed out specific price behavior on Dogecoin’s chart that mirrors Bitcoin’s structure from several years ago. According to Brandt, Dogecoin’s price has undergone phases of price bottoms and corrections similar to Bitcoin’s patterns before its first major rally in 2017. “Does anyone see the similarities between $DOGE and the $BTC chart in 2015-2016?” Brandt said.
According to him, Dogecoin’s price action over the past year was characterized by a blow-off top, a falling wedge correction, 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 Brandt specifically highlighted that Dogecoin is currently in the same position as Bitcoin was in May 2016.
Why is this good for Bitcoin?
In any case, the way in which Bitcoin has developed is a good indication of what is going on for the future of Dogecoin. Each of the patterns highlighted by Peter Brandt played a major role in marking Bitcoin’s bottom and subsequent climb to new highs in 2017. If the Dogecoin price continues to mirror Bitcoin, we could see the meme coin hit by 2025 is experiencing a sharp rise, just like the Bitcoin price rise in 2017.
At the time of writing, Dogecoin is trading at $0.38, and its value has essentially doubled in the last seven days. According to the on-chain analytics platform Santiment, this Dogecoin price rally was largely driven by retail traders. Notably, addresses with less than 100,000 DOGE tokens increased by 74,885 over the past four weeks, while the number of shark and whale addresses decreased by 350 in the same time frame.
Although Dogecoin has corrected since hitting $0.4346 in the last 24 hours, the meme coin is starting to gain popularity again on social media. This comes as newly elected US President Donald Trump has appointed Dogefather 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