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Dogecoin shiba inu

Dogecoin Price Chart Patterns Shows Similarities To Bitcoin In 2016, Why This Is Good

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Veteran trader Peter Brandt has brought fresh attention to DOGE by identifying striking similarities between the current Dogecoin price action and the Bitcoin price movements from 2015-2016. Brandt highlighted these patterns in a recent post on social media platform X, suggesting that Dogecoin could be following in Bitcoin’s early footsteps.

Peter Brandt’s Observations On Dogecoin Price Chart Patterns

Recent interest in Dogecoin in the past 30 days has brought its price action to the forefront of the trading analysts. The majority of these analysts have highlighted many technical indicators and trading patterns that point to a continued Dogecoin price 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 compares Dogecoin’s price action to the early days of Bitcoin, particularly to Bitcoin’s cycle from 2015 to 2016, when the leading cryptocurrency was still priced below $1,000.

Related Reading: Dogecoin Price Breaks Legendary Pennant Pattern, Here’s The Next Target

In his post, Brandt pointed to specific price behaviors on Dogecoin’s chart that echo Bitcoin’s structure from several years ago. According to Brandt, Dogecoin’s price has undergone phases of price bottoms and corrections that resemble Bitcoin’s patterns before its first major rally in 2017. “Does anybody see the similarities of $DOGE to the $BTC chart in 2015-2016?” Brandt said. 

According to him, the Dogecoin price action in the past year has been characterized by a blow off top, a correction via a falling wedge, a double bottom, and a complex correction following completion of the double bottom, all of which were present on the Bitcoin price chart in 2016. Notably, Brandt highlighted that Dogecoin is currently in the same position as Bitcoin was in May 2016.

Dogecoin price Bitcoin
Source: X

Why Is This Good For Bitcoin?

If anything, the way Bitcoin turned out is a good indicator of what’s in play for Dogecoin’s future.  Each of the patterns highlighted by Peter Brandt was instrumental in marking Bitcoin’s bottom and its subsequent climb toward new heights in 2017. If the Dogecoin price continues to mirror Bitcoin, we could see the meme coin going on a strong surge in 2025, much like the Bitcoin price rally in 2017. 

Related Reading: Dogecoin Price Flashes Weekly Golden Cross That Led To 2021 Rally, Why A $4 Target Is Possible This Time

At the time of writing, Dogecoin is trading at $0.38, and its value has essentially doubled in the past seven days. According to the on-chain analytics platform Santiment, this Dogecoin price rally has been largely driven by retail traders. Notably, addresses holding less than 100,000 DOGE tokens have increased by 74,885 in the past four weeks, while sharks and whale addresses have reduced by 350 addresses in the same timeframe.

Although Dogecoin has corrected since it reached $0.4346 in the past 24 hours, the meme coin is starting to trend on social media again. This is due to the US president-elect Donald Trump appointing Dogefather Elon Musk and billionaire Vivek Ramaswamy to lead the newly created Department of Government Efficiency (DOGE).

Dogecoin price chart from Tradingview.com
DOGE price dumps after yearly high | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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