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Peter Brandt Dismisses His Own Dogecoin Prediction

Mon, 10/31/2022 - 08:14
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Arman Shirinyan
Prediction about memecoin made by legendary trader is not what you think
Peter Brandt Dismisses His Own Dogecoin Prediction
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The most recent prediction made by Peter Brandt about Dogecoin breaking the prolonged downturn has received a clarification by the trader himself, who warned his subscribers that the end of a downtrend does not necessarily mean the beginning of an uptrend.

Brandt highlighted in one of his recent tweets the breakout of the bear channel, which made some people believe in the potential acceleration of the rally on Dogecoin that is showing a 100% return in the last four days, making it the most volatile price spike for the memecoin in the last few months.

However, Brandt rushed to dismiss some euphoric thoughts of DOGE investors, who believed in the continuation of the Musk-fueled rally by saying that a breakout might not lead to an uptrend.

The legendary trader most likely refers to consolidation after a volatile breakout. Whenever an asset shows explosive performance similar to DOGE's, they might not enter a bullmarket and proceed at the same pace but rather enter a stable consolidation or even reverse back to pre-pump price levels.

Peter Brandt Claims Dogecoin’s Bear Market Is Over

Brandt also noted that thinking that a downtrend breakout is a sign of a beginning uptrend is a common mistake among novice and "wannabe" traders. "Most often," the aforementioned assumption is wrong.

Historically, a sudden breakthrough on an asset that did not show any signs of a reversal led to disappointment for investors who opened their positions during or after a breakout. Accumulation and a stable volume increase are usually the main signs of a healthy trend change as they become a foundation for a long-term rally.

At press time, Dogecoin is trading at $0.116 and losing 1.1% from its value in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.