Peter Brandt Claims Dogecoin Bear Market Is Over

The Dogecoin bear market began last year in May, but according to the veteran trader, Peter Brandt, it has now come to an end.

His comment came after the price of Dogecoin rose following the acquisition of the social media network Twitter by Elon Musk, the chief executive of Tesla.

Dogecoin analysis

On Sunday, the veteran trader shared his analysis of the meme token. Since 1975, Brandt has been an FX and futures career trader. He authors the Factor Report and is a chartist.

Brand trades in a number of markets, including bonds, European wheat, crude oil, corn, Dow futures, sugar, U.S. dollar and Osaka Dow.

Brandt tweeted a chart of Doge and said that it was called a bear channel and its upside violation had put an end to the bear market that had begun at the high of May last year.

But, he tweeted once more in which he warned traders to not make the common mistake of thinking that the bull market has begun now that the bear market has ended.

He said that a lot of wanna-be and novice traders assume that when a bear market ends, it automatically marks the beginning of the bull market.

He added that this assumption was mostly wrong.

The response

Some people responded to the tweet of the veteran trader and said that the breakout could be a false one and that the actual direction of dogecoin’s price would be determined by the subsequent period of consolidation.

A lot of people believe that the recent boost to DOGE’s price is due to the ‘Elon effect’, which occurred because the SpaceX CEO bought Twitter.

The price of Dogecoin had begun to rise after news hit of Musk completing the acquisition. The crypto community sometimes refers to the billionaire investor as the ‘Dogefather’.

On Thursday, he finally completed the deal for the acquisition of the social media platform. His comments and tweets have previously given a boost to Dogecoin’s price.

Musk’s connection

The Tesla CEO had previously revealed that he owns three cryptocurrencies, which are dogecoin, bitcoin and ether.

He had confirmed in June that he intended to continue buying and supporting DOGE and said on multiple occasions that the meme token has the potential to be used as a currency.

Tesla, the electric car company, has also begun accepting the meme coin for some of the merchandise and DOGE payments are also accepted by his Boring Company for some rides.

He had also announced that Spacex would also begin accepting DOGE payments for some of its merchandise.

A lot of supporters of dogecoin believe that Musk will also use the meme token in his endeavors of improving Twitter.

Back in May, Musk said that the idea of Mark Cuban to solve the spam bot problem on Twitter via DOGE is not a bad one.

DOGE has seen its price rise by almost 94% in the week that led to Musk’s acquisition and could continue to do so.

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