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Market veteran Peter Brandt believes Dogecoin is currently trailing the path Bitcoin followed from 2015 to 2016, suggesting further upside for DOGE.
Dogecoin (DOGE) has been one of the top performers in the current bull market, seeing a massive price surge in recent days. The meme coin has risen by an impressive 143% in November alone, reaching $0.39.
However, some seasoned analysts, including veteran trader Peter Brandt, believe that DOGE may have further growth potential ahead. For instance, Ali Martinez suggested earlier this week that Dogecoin’s MVRV ratio indicates that the token has more upside potential.
Meanwhile, in a recent analysis, Brandt has drawn a comparison between Dogecoin’s current chart pattern and Bitcoin’s trajectory between 2015 and 2016. This period was an important moment for BTC, marking the beginning of a major uptrend that eventually led it to new highs.
DOGE Breaches Inverted H&S and Falling Wedge Patterns
In an earlier disclosure, Brandt shared a chart showing DOGE’s 1-week price action. The chart displayed an inverted head and shoulders (H&S) formation at the bottom of the trend, typically a bullish reversal signal.
After breaking out from this pattern, DOGE underwent a strong uptrend but eventually experienced a correction. This correction took the form of a falling wedge pattern from March to August 2024. This structure can indicate a pause before further upward momentum.
DOGE broke out from the wedge in September 2024, allowing it to join in the ongoing market uptrend which has seen Bitcoin reach the $90,000 level. Dogecoin spiked to retest a three-year high of $0.43 on Nov. 12 before facing a pullback to currently trades at $0.3923.
Meanwhile, Brandt’s chart points out another inverted Head and Shoulders pattern at the bottom of the falling wedge. Breaking above the falling wedge also led to a breakout from the H&S pattern, contributing to the latest rally. The chart also highlights a price target near the previous highs around $0.734.
Dogecoin Following Bitcoin 2016 Path
Interestingly, in his latest report, Brandt presented a Bitcoin chart to confirm his theory that DOGE is following Bitcoin’s 2015/2016 trajectory.
The Bitcoin chart displays a similar pattern—a blow-off top, followed by a falling wedge correction, and then a double-bottom formation. This structure marked the end of BTC’s corrective phase and preceded a gradual recovery that saw it nearly double in value by the end of 2016.
Brandt points out that DOGE now finds itself in a similar lifecycle stage as Bitcoin did in May 2016. At that time, BTC traded around $440 and began a major uptrend. Bitcoin rose 77% to hit $781 in June 2016, then corrected by 38% before starting a sustained rally that led to even higher levels by the end of the year.
The comparison suggests that DOGE’s price action could mirror Bitcoin’s historical path, with a possibility of achieving substantial gains. However, DOGE will need to hold above critical support levels and maintain bullish momentum. The current ADX (Average Directional Index) levels already show a rise in trend momentum.