Dogecoin is back in the spotlight after veteran trader Peter Brandt noted that its current price action bears striking similarities to Bitcoin’s price action in 2015-2016. Brandt highlighted these patterns in a recent post on social media platform X, suggesting that Dogecoin may be following in Bitcoin’s early footsteps.
Peter Brandt’s observations on Dogecoin price chart patterns
The attention paid to Dogecoin over the past 30 days has put its price action in the spotlight for trading analysts. Most of these analysts have highlighted a number of technical indicators and trading patterns that suggest that Dogecoin’s price will continue to surge 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 has compared Dogecoin’s price action to the early days of Bitcoin, specifically to Bitcoin’s cycle from 2015 to 2016, when the leading cryptocurrency was still trading below $1,000.
In his post, Brandt noted that specific price action on the Dogecoin chart echoes Bitcoin’s structure from a few years ago. According to Brandt, Dogecoin’s price went through price bottoming and correction phases similar to the pattern that preceded Bitcoin’s first major rally in 2017. “Anyone seeing similarities between $DOGE and the 2015-2016 $BTC chart?” Brandt said.
He said that Dogecoin's price trend over the past year has the following characteristics: top breakout, falling wedge correction, double bottom, and complex correction after the completion of the double bottom, all of which appeared on the Bitcoin price chart in 2016. It is worth noting that Brandt emphasized that Dogecoin is currently in the same position as Bitcoin in May 2016.
How is this good for Bitcoin?
Regardless, Bitcoin’s performance is a good indicator of Dogecoin’s future performance. Each of the patterns highlighted by Peter Brandt helped mark Bitcoin’s bottom and subsequent climb to new highs in 2017. If Dogecoin’s price continues to mirror Bitcoin’s, we could see the meme coin see a strong rally into 2025, just as Bitcoin’s price rallied in 2017.
At the time of writing, Dogecoin is trading at $0.38, having essentially doubled in value over the past seven days. According to data from on-chain analytics platform Santiment, the rise in Dogecoin prices is primarily driven by retail traders. Notably, the number of addresses holding less than 100,000 DOGE tokens has increased by 74,885 over the past four weeks, while shark and whale addresses have decreased by 350 addresses over the same time frame.
Although Dogecoin has pulled back after reaching $0.4346 in the past 24 hours, the meme coin has started trending on social media again. This is because the US President-elect Donald Trump appointed Dogecoin creator Elon Musk and billionaire Vivek Ramaswamy to lead the newly established Department of Government Efficiency (DOGE).
