Bank

2024

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In his recent social media post, Legendary trader <a href="https://u.today/veteran-trader-peter-brandt-showcases-bitcoin-as-price-new-move-spotted" rel="noopener noreferrer nofollow">Peter Brandt</a> teased the possibility of an incoming major price move for Bitcoin, hinting at the potential for a "pump" in the cryptocurrency's value.&nbsp;
In a chart presented, <a href="https://twitter.com/PeterLBrandt/status/1780983777356910796" rel="noopener noreferrer nofollow">Brandt</a> identified a recurring pattern in Bitcoin's market behavior, which he breaks down into three phases: 1. Hump-Slump, 2. Bump-Rump, 3. Pump-Dump. This whimsical yet insightful characterization captures the cyclical nature of Bitcoin price movements.
<blockquote>
 What say you?? <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$btc</a> <a href="https://t.co/IDvIpkZeER" rel="noopener noreferrer nofollow">pic.twitter.com/IDvIpkZeER</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1780983777356910796?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 18, 2024</a>
</blockquote>
While the current cycle has completed the two phases of hump-slump and bump-rump, the third phase remains ongoing with the dump part fulfilled, which leaves the "pump" part unfulfilled as of yet.&nbsp;
Brandt's hint comes at a time when the cryptocurrency market is experiencing increased volatility and uncertainty, with Bitcoin seeing price drops. The potential of a major price move, as suggested by Brandt, adds to the intrigue regarding Bitcoin's price trajectory.&nbsp;
Further adding to the intrigue is the upcoming <a href="https://u.today/bitcoin-price-alert-historical-trends-spell-trouble-for-btc-as-halving-looms" rel="noopener noreferrer nofollow">Bitcoin halving event</a>, a phenomenon that historically impacts the price of Bitcoin. Halving reduces the reward for mining new blocks, effectively decreasing the rate at which new Bitcoins are created. This event has previously led to increased demand and a subsequent price rise, aligning with Brandt's suggestion of a major move ahead.
With just hours to go, analysts from JPMorgan Chase and Deutsche Bank believe that halving, which has long been touted as a major bullish factor for the BTC price, has already been priced in. JPMorgan analysts stated in a note dated Thursday that the biggest impact will be on Bitcoin mining rather than its price.
While the<a href="https://u.today/legendary-trader-peter-brandt-spotlights-intriguing-formation-on-bitcoin-chart" rel="noopener noreferrer nofollow"> outcome</a> of Brandt's hint is eagerly awaited, the exact timing and magnitude of the anticipated move remain unclear. Traders and investors, however, are closely monitoring the market for further indicators that could suggest Bitcoin's next move.&nbsp;
Bitcoin recovered after falling sharply to intraday lows of $59,573. At the time of writing, Bitcoin was up 5.13% in the last 24 hours to $64,641 as selling by traders seemed to ease.

Bitcoin Price Alert: Veteran Trader Peter Brandt Hints at Major BTC Move Ahead

U_Today

Other articles published on Apr 19, 2024

TON jumps 17% as Tether mints $10m in USDT on TON blockchain

Canada Implements International Crypto Tax Reporting Standard

What is surveillance capitalism, and can crypto protect your privacy?

BlockDAG Hits $18.5M Presale, Unsettles Avalanche and Tron With Moon-Based Keynote Teaser and 30,...

Will Bitcoin Halving Spell Doom or Opportunity for Meme Coins like Shiba Inu (SHIB) and Furrever ...

Infinix announces extended software support for NOTE 40 and NOTE 40 5G models

Join our free newsletter for daily crypto updates!