Peter Brandt, a veteran future and FX trader, said on Oct. 30 that the Dogecoin (DOGE) spike signals the end of the bear market for the memecoin.
This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high $DOGE pic.twitter.com/pZT5yxMje6
— Peter Brandt (@PeterLBrandt) October 30, 2022
However, following up on his previous tweet, the veteran investor warned traders against assuming the end of a bear market automatically signals the beginning of a bull market.
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 https://t.co/Ib2T86Md0n
— Peter Brandt (@PeterLBrandt) October 30, 2022
In early 2021, Dogecoin experienced enormous gains, reaching a staggering market capitalization of $88.8 billion. Its wild run came to an abrupt end in May. Despite several attempts to escape the massive bear channel, Dogecoin continued to fall.
But the meme coin is soaring again, as it surged by over 97%, according to CryptoSlate data. $DOGE price rose to $0.1388 on Oct. 29 from $0.0602 on Oct. 25.
In addition, IntoTheBlock data shows that 62% of DOGE holders are “Making Money at Current Price,” beating Bitcoin (BTC) and Ethereum (ETH) hodlers by 54% and 57%.
DOGE’s performance has been closely linked to Elon Musk’s recent purchase of Twitter.
After Elon Musk changed his Twitter bio to “Chief of Twit” on Oct. 26, DOGE’s price rallied immediately after visiting Twitter’s HQ in San Francisco that day.
Other meme coins are also following Dogecoin’s price rally. SHIB‘s price rose 30% in one day to $0.00001519 on Oct. 29, its highest level since August.
Reactions from other traders:
Many traders have already made significant returns from the price surge of Dogecoin. According to the screenshot posted by the SlumDOGE Millionaire, he made over $250,000 in unrealized profits in 24 hours after DOGE jumped by 75%.
To be honest, being up $250K in one day is insane. That’s a quarter of a million dollars made in hours… #dogecoin 🤯 pic.twitter.com/417i7miryw
— SlumDOGE Millionaire (@ProTheDoge) October 29, 2022
This is the first time Dogecoin has traded above $0.10 since May. Crypto traders remain bullish about DOGE, with many speculating the price will reach $1. However, it appears that Crypto Bitlord is more bullish as he suggests that the DOGE price could go as high as $28 if it follows its previous pumps.
If $DOGE pumps like it did in the past, that will leave us at approximately $28 per a dogecoin pic.twitter.com/oaZaygPK73
— $THE Crypto Bitlord (@crypto_bitlord7) October 28, 2022
On the other hand, popular trader @rektcapital believes the current $DOGE bull market will also affect other altcoins.
The fact that $DOGE broke a 500+ day macro downtrend means that some other Altcoins may be able to do so in the future too#DOGE #dogecoin #Crypto
— Rekt Capital (@rektcapital) October 30, 2022
