Dogecoin ATH in Cards? Veteran Trader Peter Brandt Shares Bullish DOGE Prediction

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Veteran trader Peter Brandt has made a bullish prediction on dog-themed cryptocurrency Dogecoin (DOGE), sparking interest within the crypto community.

In a recent tweet, Brandt stated DOGE has confirmed a channel breakout, potentially accompanied by significant underlying price accumulation and new all-time highs (ATHs).

Brandt's analysis included a screenshot of Dogecoin's weekly chart, showcasing a breakout from a downward channel. He suggests that this pattern breakout indicates the possibility of new ATHs.

"In Musk we Trust$DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner @elonmusk"

Brandt's bullish outlook is not unprecedented. In a September analysis, he also highlighted a channel breakout in the DOGE/USDT weekly chart, noting its long-term potential.

The cryptocurrency market has been experiencing a rally, contributing to the positive market sentiment and bullish outlook for Dogecoin.

Currently, Dogecoin is trading up 17% at around $0.1994, reaching highs of $0.219 during the session.

Futures tracking DOGE reported $30.50 million in short liquidations over the past 24 hours, indicating that the surge may have been partly driven by covering losing bets. If the day closes in green, Dogecoin will mark its fourth consecutive day of gains.

Crypto analyst Ali believes Dogecoin may experience further volatility in the coming days. He notes that previous bull cycles have seen DOGE surge to the 1.618 or even 2.272 Fib levels after breaking the 0.50 Fib retracement. If history repeats itself, Dogecoin could potentially reach prices between $4 and $23.

Notably, Dogecoin recently completed a golden cross on its daily chart for the first time in 2024. This rare pattern has appeared consecutively in November for three years, with the last golden cross occurring in November 2023.