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

Peter Brandt, a veteran trader says that the bear market in dogecoin has ended. It began last May. His comment came after the price of dogecoin soared following Tesla CEO Elon Musk’s acquisition of the social media platform Twitter.

Peter Brandt on Dogecoin Outlook

Peter Brandt, a veteran trader shared Sunday his analysis on DOGE (dogecoin). Brandt started his career as a FX and futures trader in 1975. The Factor Report is his book. He is also chartist. A variety of markets are traded by him, such as Dow futures, Osaka Dow and Osaka Dow.

Tweeting a chart of DOGE, Brandt wrote: “This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high.”

Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended

Brandt then followed up by another tweet warning traders to not make the mistake of thinking that the end of bear markets means there is a new bull market. He cautioned:

The common error made by wanna-be and novice traders is to believe that ending a bear stage of a market means that it is time for a bull phase. This is a common mistake.

His tweet was responded to by many who pointed out that this could have been a false breakout, and that consolidation may follow. This could affect the direction of price for dogecoin. Many believe that the recent DOGE pump is “the Elon effect,” stemming from the Tesla CEO buying Twitter.

Following the acquisition of Twitter by Musk, dogecoin’s price began to rise. He completed Thursday’s acquisition. The price of DOGE has risen in recent years due to his previous support for memecryptocurrencies.

Musk revealed previously that he owned three cryptocurrency: bitcoin, Ethereum, and Dogecoin. In June, Tesla’s CEO stated that he would continue to support DOGE and that he would buy it again. He also mentioned that meme coins could be used as currency.

Tesla is an electric car manufacturer that accepts meme cryptocurrency. Boring Company, on the other hand, only accepts DOGE for rides and some merchandise. Spacex, he said, will soon be accepting dogecoin to purchase merchandise. Musk is expected to use the meme crypto in his efforts to improve Twitter, according to many dogecoin fans. In May, he said that Mark Cuban’s idea about using DOGE to solve Twitter’s spam problems is “not a bad idea.”

DOGE currently trades at $0.116263, down nearly 9 percent over the 24 hours and up 95% in seven days.

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How do you feel about Peter Brandt’s comment about the dogecoin bull market ending? Comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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