Veteran trader Peter Brandt says the Dogecoin bear market that started last May is over. His comments came after the price of Dogecoin skyrocketed after Tesla CEO Elon Musk acquired his social media platform Twitter.
Peter Brandt on Dogecoin Outlook
Veteran trader Peter Brandt shared his analysis of Dogecoin (DOGE) on Sunday. Brandt has been a futures trader since 1975 and his FX career. He is a charter and author of the Factor Report. He trades a variety of markets including Dow Futures, Bonds, Corn, Crude Oil, European Wheat, Osaka Dow, US Dollar and Sugar.
Blunt tweeted the DOGE chart and wrote:
But in another tweet, Brandt cautioned traders against the common mistake of thinking that the end of a bear market automatically means the start of a bull market. He warned:
A common mistake made by beginners and aspiring traders is to assume that the end of a bear market automatically signals the beginning of a bull market. This assumption is wrong most of the time.
Some people responded to his tweet, pointing out that it could have been a false breakout and that the subsequent correction period could determine where Dogecoin’s price is actually headed. Many believe the recent DOGE pump was an “Earon effect” caused by Tesla CEO’s acquisition of Twitter.
After Musk acquired Twitter, the price of dogecoin began to soar. The billionaire, sometimes known as the Dogefather in the Dogecoin community, acquisition Thursday of the social media giant. In the past, his support for the memetic cryptocurrency has often driven the price of his DOGE higher.
Mr. Musk previously said that he Own 3 cryptocurrencies: Bitcoin, Ether, Dogecoin.Tesla CEO announced in his June continue to buy and support DOGE has said several times that meme coins have currency potential.
His electric car company, Tesla, accepts the meme in some of its commodities and his cryptocurrency. boring company Some rides accept DOGE payment.he also said Spacex Immediately accept dogecoin for goods. Many Dogecoin supporters hope Musk will use meme cryptography to improve his Twitter. In May, he marked his Cuban idea about using his DOGE as solve Twitter’s spam problem is “not a bad idea.”
As of this writing, DOGE is trading at $0.116263, down nearly 9% over the past 24 hours, but up 95% over the past 7 days.
What are your thoughts on Peter Brandt’s comment that the Dogecoin bear market is over? Let us know in the comments section below.
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