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Legendary trader Peter Brandt predicts pain and pump for the price of Bitcoin
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Popular trader Peter Brandt shared his latest vision of the Bitcoin (BTC) price chart, predicting both a potential dump and pump for the leading cryptocurrency. According to him, Bitcoin’s current price movements suggest an imminent decline ahead of what could be a significant recovery. Analysis of the graph suggests that if the BTC price exceeds the threshold of 65,000 dollars, it could drop further to 60,000 dollars. A drop below $60,000 could take the price down to $48,000.
The analysis comes as Bitcoin has struggled to maintain its previous highs, falling 3.86% this week to around $66,000. The cryptocurrency did not hit a new 91-day high, contributing to bearish sentiment among market participants.
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Despite the short-term bearish outlook, Brandt also identifies growth potential. His chart includes a note about a “pump,” a term he has previously used to describe the rebound phase in Bitcoin price cycles. Earlier this year, when Bitcoin was trading at $42,300, Brandt highlighted the pattern of “Hump with a Slump then a Pump and a Dump,” noting that such moves are common in bull runs.
Interest Chart – Bitcoin $BTC
Sometimes the most obvious interpretations of a graph work, most of the time graphs transform. But the most obvious thing is this:
It goes above 65,000, then the mkt reaches 60,000
The break through of 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV— Peter Brandt (@PeterLBrandt) June 13, 2024
According to Brandt, this model separates inexperienced traders, who buy during the “pump” phase only to sell at a loss during the “dump” phase, from experienced investors who understand the cyclical nature of cryptocurrencies. He believes these patterns are essential to maintaining a healthy uptrend.
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Currently, Brandt sees a similar scenario, where Bitcoin could experience a significant drop, followed by a strong pump from the $60,000 level.