Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended

Gunnar Larson g at xny.io
Fri Nov 4 11:16:44 PDT 2022


https://news.bitcoin.com/veteran-trader-peter-brandt-says-dogecoin-bear-market-has-ended/


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by Kevin Helms <https://news.bitcoin.com/author/kevin-helms/>
5 days ago

   -  14659

Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended
[image: Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended]

Veteran trader Peter Brandt says the dogecoin bear market that began in May
last year has ended. 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

Veteran trader Peter Brandt shared his analysis of dogecoin (DOGE) 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 a variety of markets,
including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow,
U.S. dollar, and sugar.

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.”

[image: Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended]
<https://static.news.bitcoin.com/wp-content/uploads/2022/10/peter-brandt-doge-bear-market.jpg?X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAYIWLWC3GPQWL5SMB%2F20221030%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20221030T204719Z&X-Amz-SignedHeaders=host&X-Amz-Expires=600&X-Amz-Signature=23044df86da3148a6b4aad1d4c61255fe3f48fcc99f470f18776dc37a26a087e>

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 a bull market has begun. He cautioned:

A common mistake made by novice and wanna-be traders is assuming that an
end to a bear phase of a market is automatically a signal that a bull
market has begun. This assumption is most often wrong.

Some people replied to his tweet, pointing out that it could be a false
breakout and that a subsequent period of consolidation could determine
where the price of dogecoin is actually headed. Many believe that the
recent DOGE pump is “the Elon effect,” stemming from the Tesla CEO buying
Twitter.
<https://getverse.com/>

The price of dogecoin began soaring after Musk acquired Twitter. The
billionaire, who is sometimes known in the dogecoin community as the
Dogefather, completed the acquisition
<https://news.bitcoin.com/elon-musk-takes-control-of-twitter-fires-ceo-and-cfo-says-he-buys-twitter-to-help-humanity/>
of
the social media giant Thursday. In the past, his support for the meme
cryptocurrency often boosted the price of DOGE.

Musk previously revealed that he owns three cryptocurrencies
<https://news.bitcoin.com/elon-musk-spacex-owns-bitcoin-personally-owns-btc-ethereum-dogecoin-pump-dont-dump/>:
bitcoin, ether, and dogecoin. The Tesla CEO confirmed in June that he will keep
buying and supporting
<https://news.bitcoin.com/tesla-ceo-elon-musk-confirms-hell-keep-buying-and-supporting-dogecoin/>
DOGE,
stating on several occasions that the meme coin has potential as a currency
<https://news.bitcoin.com/tesla-ceo-elon-musk-reaffirms-dogecoin-has-potential-as-a-currency-as-twitter-deal-is-put-on-hold/>
.

His electric car company, Tesla, accepts the meme cryptocurrency for some
merchandise and his Boring Company
<https://news.bitcoin.com/elon-musks-boring-company-to-accept-dogecoin-payments-for-rides-on-las-vegas-transit-system-loop/>
accepts
DOGE payments for some rides. He also said that Spacex
<https://news.bitcoin.com/elon-musk-says-spacex-will-soon-accept-dogecoin-for-merchandise-starlink-subscriptions-could-follow/>
will
soon accept dogecoin for merchandise. Many dogecoin supporters expect Musk
to utilize the meme crypto as he endeavors to improve Twitter. In May, he
said that Mark Cuban’s idea about using DOGE to solve
<https://news.bitcoin.com/elon-musk-mark-cuban-discuss-using-dogecoin-to-solve-twitter-spam-problem/>
Twitter’s
spam problems is “not a bad idea.”

At the time of writing, DOGE is trading at $0.116263, down nearly 9% over
the past 24 hours but up 95% over the past seven days.
TAGS IN THIS STORY
Doge <https://news.bitcoin.com/tag/doge/>, doge bear market
<https://news.bitcoin.com/tag/doge-bear-market/>, doge bull market
<https://news.bitcoin.com/tag/doge-bull-market/>, dogecoin
<https://news.bitcoin.com/tag/dogecoin/>, dogecoin bear market
<https://news.bitcoin.com/tag/dogecoin-bear-market/>, dogecoin bull market
<https://news.bitcoin.com/tag/dogecoin-bull-market/>, elon musk dogecoin
<https://news.bitcoin.com/tag/elon-musk-dogecoin/>, Peter Brandt
<https://news.bitcoin.com/tag/peter-brandt/>, Peter Brandt DOGE
<https://news.bitcoin.com/tag/peter-brandt-doge/>, Peter Brandt dogecoin
<https://news.bitcoin.com/tag/peter-brandt-dogecoin/>, Peter Brandt
dogecoin bear market
<https://news.bitcoin.com/tag/peter-brandt-dogecoin-bear-market/>, Peter
Brandt dogecoin price
<https://news.bitcoin.com/tag/peter-brandt-dogecoin-price/>, Peter Brandt
dogecoin price prediction
<https://news.bitcoin.com/tag/peter-brandt-dogecoin-price-prediction/>, Peter
Brandt Elon Musk <https://news.bitcoin.com/tag/peter-brandt-elon-musk/>

*What do you think about the comments by Peter Brandt about the dogecoin
bear market being over? Let us know in the comments section below.*
Kevin Helms

A student of Austrian Economics, Kevin 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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