2024

Bitcoin

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Popular trader&nbsp;<a href="https://x.com/PeterLBrandt/status/1801389733597089944" rel="noopener noreferrer nofollow">Peter Brandt</a> has shared his latest outlook on the&nbsp;<a href="https://u.today/bitcoin-chances-of-waking-up-to-200000-btc-growing-higher-samson-mow" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> price chart, predicting both a potential dump and pump for the major cryptocurrency. According to him, Bitcoin's current price movements suggest an imminent decline before what could be a significant recovery. Chart analysis suggests that if the&nbsp;<a href="https://u.today/bitcoin-is-exponential-gold-fidelity-exec-says" rel="noopener noreferrer nofollow">BTC price</a> breaks through the $65,000 mark, it could fall further to $60,000. A drop below $60,000 could take the price as low as $48,000.
The analysis comes as Bitcoin has struggled to hold onto its previous highs, falling 3.86% this week to around $66,000. The cryptocurrency has not hit a new high in 91 days, contributing to bearish sentiment among market participants.
Despite the short-term bearish outlook, Brandt also identifies a potential for growth. His chart includes a note about a "pump," a term he has used before to describe the rebound phase in Bitcoin's price cycles. Earlier this year, when&nbsp;<a href="https://u.today/jpmorgan-issues-major-bitcoin-warning-as-btc-price-plunges" rel="noopener noreferrer nofollow">Bitcoin</a> was trading at $42,300, Brandt highlighted the pattern of a "Hump with a Slump then a Pump and a Dump," noting that such movements are common in bull runs.
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 Chart of interest - Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through 65,000, then mkt goes to 60,000 Break through 60,000 mkt goes to 48,000 <a href="https://t.co/JsXXVx2EhV" rel="noopener noreferrer nofollow">pic.twitter.com/JsXXVx2EhV</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1801389733597089944?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
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According to Brandt, this pattern separates inexperienced traders, who buy during the "pump" phase only to sell at a loss during the "dump," from seasoned investors who understand the cyclical nature of crypto. He believes these patterns are essential to maintaining a healthy bullish trend.
Currently, Brandt sees a similar scenario, where Bitcoin could experience a significant dump, followed by a strong pump starting around the $60,000 level.

Legendary Trader Peter Brandt Predicts Pain and Pump for Bitcoin Price

U_Today

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