Dogecoin’s bear market is over, according to financial market analyst Peter Brent. Purchase of Twitter by Elon Musk It helped to improve the price of Dodge.
Peter Brandt, a well-known financial market trader, believes that the Dogecoin bear market that started in May of last year is over.
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Dogecoin bear market ending
After the news of Elon Musk’s purchase of Twitter, Dogecoin price It experienced significant growth. Peter Brandt published his latest analysis of the Dogecoin cryptocurrency on Sunday. He has been a professional futures and forex trader since 1975. Other activities of Peter Brandt include financial invoice reporting.
Most of Peter Brandt’s analysis is done in various markets such as Dow Jones, bonds, corn, crude oil, European wheat, Osaka Dow, US dollar and sugar.
In his latest tweet, Peter Brent posted an image of the Dogecoin chart. Brent believes that Dogecoin’s bearish channel has been broken. The bottom of Dogecoin’s bearish channel was formed in May 2021. In another tweet, Brent warned traders that the end of a bear market does not necessarily mean the beginning of a bull market. He further added:
A common mistake made by novice traders is that they assume that the end of a bear market cycle automatically signals the start of a bull market. This hypothesis is completely wrong.
Sharp growth in the price of Dogecoin
Some users reacted to Peter Burnett’s recent tweets. They hinted that Peter’s prediction of the Dogecoin Bear Channel breakout may have been wrong. According to traders, the next period of consolidation will determine where the price of Dogecoin will go. Many experts believe that the news of Elon Musk’s purchase of Twitter will put an end to the bear market of Dogecoin.
The price of Dogecoin rose sharply after the purchase of Twitter by Musk. The famous billionaire, who is known in the media as the “Father of Dogecoin”, completed the purchase of the social media giant on Thursday. Musk’s unwavering support of Dogecoin has always caused the price of Dogecoin to grow.
Elon Musk has stated in the past that he owns Bitcoin, Ethereum and Dogecoin. Tesla’s CEO confirmed in June that he would continue to buy and support DOGE. According to Elon Musk, cryptocurrency meme has potential.
Using Dogecoin on Twitter
Tesla accepts Dogecoin as a payment method. The Boring Company also accepts cryptocurrency payments. Elon Musk announced that SpaceX will soon add Dogecoin to its payment methods.
Many Dogecoin supporters expect Musk to use the controversial memecoin to improve Twitter. In May, Musk announced that Mark Cuban’s idea of using Dogecoin to solve Twitter’s spam problems was not a bad idea.
At the time of writing this article, Each unit of DOGE token It is trading at $0.116263. The price of this token has decreased by nearly 9% in the last 24 hours. Musk’s purchase of Twitter caused a 95% rise in Dogecoin.
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Source: bitcoin