Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended – Markets and Prices

Veteran Trader Peter Brandt Says The Dogecoin Bear Market Has Ended

Veteran trader Peter Brandt says the dogecoin bear market that started in May last year has ended. His comment came after the price of dogecoin soared following the takeover of social media platform Twitter by Tesla CEO Elon Musk.

Peter Brandt on Dogecoin Outlook

Veteran trader Peter Brandt shared his analysis of dogecoin (DOGE) on Sunday. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades several markets including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US dollar and sugar.

Brandt tweeted a chart from DOGE, writing: “This is called a bear channel, whose upward breach has ended the bear market that started at the peak of May 2021.”

Veteran Trader Peter Brandt Says The Dogecoin Bear Market Has Ended

However, Brandt followed up with another tweet warning traders not to fall for the common mistake of assuming that the end of a bear market automatically means that a bull market has started. He warned:

A common mistake made by novice and future traders is to assume that an end to a market’s bear phase is automatically a signal that a bull market has begun. This assumption is usually wrong.

Some people responded to his tweet, pointing out that it could be a false breakout and that another consolidation period could determine where the price of dogecoin actually goes. Many believe the recent DOGE pump is “the Elon effect” coming from the Tesla CEO who bought Twitter.

The price of dogecoin started to rise after Musk took over Twitter. The billionaire, sometimes known in the dogecoin community as the Dogefather, completed its acquisition of the social media giant on Thursday. In the past, his support for the meme cryptocurrency often increased the price of DOGE.

Musk previously revealed that he owns three cryptocurrencies: bitcoin, ether and dogecoin. Tesla CEO confirmed in June that he will continue to buy and support DOGE, stating on several occasions that the meme coin has potential as a currency.

His electric car company, Tesla, accepts the meme cryptocurrency for some merchandise and his Boring Company accepts DOGE payments for some rides. He also said that Spacex will soon be accepting dogecoin for merchandise. Many dogecoin supporters expect Musk to use the meme crypto as he tries to improve Twitter. In May, he said Mark Cuban’s idea of ​​using DOGE to solve Twitter’s spam problems is “not a bad idea.”

At the time of writing, DOGE is trading at $0.116263, down nearly 9% in the past 24 hours but up 95% in the past seven days.

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What do you think of Peter Brandt’s comments about the end of the dogecoin bear market? Let us know in the comments below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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