Veteran trader Peter Brandt sees dogecoin mirroring bitcoin's 2016 price pattern, signaling a potential bull run as technical indicators converge and Elon Musk's influence boosts investor sentiment.
Peter Brandt Identifies Dogecoin's 2016 Bitcoin-Like Pattern, Expects Bull Run
Veteran trader and chart expert Peter Brandt took to social media platform X on Wednesday to highlight potential similarities between the current price movements of dogecoin (DOGE) and bitcoin (BTC) during the 2015-2016 period.
Brandt identified several technical similarities, including DOGE's "blow-off top," a correction formed through a falling wedge pattern, a double bottom, and a subsequent complex correction phase.
A “blow-off top” describes a chart pattern in which an asset’s price rises rapidly and sharply, only to be followed by a sudden, sharp decline. The trader suggests that DOGE is currently in a similar phase to BTC’s position in May 2016, suggesting that it may be approaching a notable trend reversal.
He emphasized:
DOGE is in the same life cycle as BTC was in May 2016. It was the chart in spring 2016 that made me aware of bitcoin and buy my first coin.
In another post on X, he expressed his enthusiasm for dogecoin’s performance as a prime example of classic charting principles, noting that DOGE “is a prominent charting market that follows classic charting principles.”
Last week, Brandt also expressed optimism about dogecoin’s price outlook, predicting a significant rally backed by a key technical indicator and the influence of Elon Musk.
He highlighted a “channel breakout” in DOGE’s chart, a pattern he linked to an impending new all-time high. Highlighting Musk’s role, Brandt believes Musk’s continued endorsement and interest will further boost DOGE’s potential, stating, “We believe in Musk.”
