Veteran trader Peter Brandt has brought 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 article on the platform from social media X, suggesting that Dogecoin could follow in the early footsteps of Bitcoin.
Peter Brandt’s Observations on Dogecoin Price Chart Patterns
Recent interest in Dogecoin over the past 30 days has driven price action in the foreground business analysts. The majority of these analysts highlighted numerous technical indicators and business models which point to a Dogecoin price continues to rise in the coming months. However, veteran trader Peter Brandt 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, specifically the Bitcoin cycle of 2015 to 2016, when the price of the leading cryptocurrency was still below 1,000 $.
In his messageBrandt pointed out specific price behaviors on Dogecoin’s chart that echo Bitcoin’s structure from several years ago. According to Brandt, Dogecoin price experienced phases of low prices and corrections that resemble Bitcoin’s patterns before its first major rally in 2017. “Does anyone see the similarities between $DOGE and the $BTC chart in 2015-2016?” » said Brandt.
According to him, Dogecoin’s price action over the past year has been characterized by a burst top, a correction via a falling wedge, a double bottom, and a complex correction after the completion of the double bottom, all of which were present on the market. Bitcoin price chart in 2016. Brandt notably pointed out that Dogecoin is currently in the same position as Bitcoin was in May 2016.
Why is this good for Bitcoin?
On the contrary, the evolution of Bitcoin is a good indicator of what is at stake for the future of Dogecoin. Each of the patterns highlighted by Peter Brandt helped mark Bitcoin’s bottom and subsequent rise to new highs in 2017. If Dogecoin’s price continues to mirror Bitcoin, we could see the meme coin see a sharp rise in 2025, much like the 2017 Bitcoin price rise.
At the time of writing, Dogecoin is trading at $0.38 and has essentially doubled in value over the past seven days. According to According to on-chain analytics platform Santiment, this Dogecoin price rally was largely driven by retail traders. Notably, addresses holding less than 100,000 DOGE tokens increased by 74,885 over the past four weeks, while shark and whale addresses decreased by 350 addresses over the same period.
Although Dogecoin has corrected since reaching $0.4346 in the last 24 hours, the meme coin is starting to trend again on social media. This is because United States President-elect Donald Trump appointed father Elon Musk and billionaire Vivek Ramaswamy to head the new Department of Government Effectiveness (DOGE).
Featured image created with Dall.E, chart from Tradingview.com