Peter Brandt believes DOGE bear market is over but bulls yet to gain control

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: 

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