Legendary trader Peter Brandt has recently shared notable insights into the potential future trajectory of Bitcoin price, suggesting the possibility of a significant market move for the crypto asset.
This insight comes as Bitcoin appears to be recovering slightly from its week-long decline. The asset is up nearly 5% over the past 24 hours, with a current trading price of $64,968 at the time of writing.
Bitcoin Next Move According To This Chart Pattern
Brandt’s analysis, presented through a series of charts, outlines a distinctive pattern in Bitcoin’s historical price behavior, characterized by three distinct phases.: the Hump-Slump, Bump-Rump, and Pump-Dump cycles.
As per Brandt’s observation, while Bitcoin has completed the initial two phases of the cycle, the third phase, marked by the “pump” component, remains unfulfilled, hinting at potential bullish momentum ahead.
What say you?? $btc pic.twitter.com/IDvIpkZeER
— Peter Brandt (@PeterLBrandt) April 18, 2024
Meanwhile, amid heightened market volatility and uncertainty, Bitcoin has faced notable price fluctuations, experiencing a nearly 10% decline over the past week.
However, recent bullish momentum has seen the cryptocurrency surging by 3.7% in the past 24 hours, with its price briefly climbing above $65,000 after hitting a 24-hour low of $60,000.
This upward movement aligns with Brandt’s suggestion of a pending bullish phase in Bitcoin’s price cycle, adding weight to the anticipation of a potential market “pump.”
Insights From Industry Leaders And Analysts
In addition to Brandt’s analysis, industry leaders and analysts have offered their perspectives on Bitcoin’s future trajectory.
Anthony Scaramucci, founder and managing partner of Skybridge Capital, has recently projected a bullish outlook for Bitcoin, forecasting a potential price surge to $200,000 following the upcoming halving event.
Scaramucci cited various factors, including the influence of new financial products like spot ETFs and increasing institutional interest, as key drivers behind Bitcoin’s anticipated price appreciation.
However, amidst optimistic forecasts, CryptoQuant, a prominent crypto analytics platform, has cautioned that Bitcoin could face a significant downturn to $52,000 if its price breaches the critical $60,000 support level.
Derivative Uncertainty
“If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise.” – By @ShivenMoodley
Full post https://t.co/XSBnfexbzZ
— CryptoQuant.com (@cryptoquant_com) April 18, 2024
A CryptoQuant analyst particularly noted:
If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise. However, given the significant dominance of institutional ETFs, I wouldn’t be surprised if they accumulate excess supply from liquidations near the short-term support level of $60,000.
Featured image from Unsplash, Chart from TradingView
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