Peter Brandt highlights correlation between Bitcoin and Dogecoin, predicting potential upward trajectory for DOGE

From Investing.com

November 13, 2024 8:30 AM:

Legendary trader Peter Brandt has shown interest in Dogecoin, highlighting a historical correlation between BTC and DOGE dating back to 2015-2016. Dogecoin is currently in a cool-off phase, dropping by 9.15% to $0.3787 after surpassing $0.4 for the first time since June 2021.

Brandt sees a blow-off top in DOGE with a correction in the falling wedge pattern. He compares DOGE’s current phase to where BTC was in May 2016, hinting at a potential upward trajectory. It remains uncertain whether Brandt holds or plans to buy Dogecoin at this point.

Despite recent price corrections, analysts anticipate DOGE reaching $1 soon. Brandt notes a strong correlation between DOGE’s growth and that of Bitcoin. With BTC also cooling off after a rally, the overall market sentiment suggests a possible uptrend that could benefit Dogecoin.

Read more at Investing.com: Peter Brandt Spotlights Bitcoin and Dogecoin Correlation By U.Today