Legendary trader who predicted previous bullrun gives new Dogecoin outlook, Musk Tweets Doge picture

---

Dogecoin has been benefiting from the so-called ‘Elon effect’ for a week. After the Tesla boss decided to take over Twitter last week, Dogecoin started one of its well-known bull runs. Four days later, the ultimate memecoin has gone up some 130%. Peter Brandt, the legendary US trader who predicted the previous Dogecoin bullrun, released his technical analysis this weekend.

Bearmarket

Peter Brandt is a trader with over thirty years of experience. He is also one of the only experienced traders following coins like Bitcoin, Ethereum and Doge. For example, in February 2021, he indicated that Doge’s chart was showing a bullish pattern, namely a “cup & handle” pattern. Dogecoin went from 6 cents to 70 cents in the three months that followed.

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

This time, Peter Brandt commented on Dogecoin’s revival. He showed a chart for the past two years of Doge and said:

This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high.

Watch out for those getting a little too bullish on this, Brandt quickly followed up with:

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

Musk Tweet

Dogecoin shot up again this morning after Elon Musk tweeted a picture of a Shiba Inu dog wearing a Twitter t-shirt.

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

The Tesla CEO had by now changed his status from ‘Chief Twit’ to ‘Twitter complaint hotline operator’.