Legendary Trader Peter Brandt: Dogecoin Exhibits Correlation with Bitcoin's 2015-2016 Cycle

Legendary trader Peter Brandt suggests that Dogecoin (DOGE) may be following a similar historical trajectory to Bitcoin (BTC) in 2015-2016, based on his technical analysis charts.

Current Market Situation

The broader crypto market is currently in a bearish consolidation phase, with DOGE experiencing a slight retracement. It has lost 9.15% of its value in the past 24 hours, falling to $0.3787.

Brandt's Analysis

Brandt believes that DOGE is currently in a blow-off top phase, marked by a falling wedge pattern and double bottom. This pattern resembles the one observed in BTC's chart in 2015-2016.

According to Brandt, DOGE is now at a similar stage in its life cycle as BTC was in May 2016. He notes that the chart from that period was influential in his decision to invest heavily in Bitcoin.

Whales and Price Prediction

It is unclear whether Brandt currently holds or plans to purchase DOGE. However, the presence of numerous DOGE whales suggests strong interest in the asset.

Outlook

While the recent market slump may be a healthy correction, it remains to be seen whether DOGE has reached its market cycle peak. Analysts believe that its growth is highly correlated with BTC's price action. If BTC resumes its uptrend, DOGE may follow suit.