Bitcoin (BTC) Price Chart Analysis and Prediction by Peter Brandt: Potential Dump and Pump

Popular trader Peter Brandt has shared his latest outlook on the Bitcoin (BTC) price chart, predicting both a potential dump and pump for the major cryptocurrency.

Veteran trader Peter Brandt has shared his latest analysis of the Bitcoin 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. The chart analysis suggests that if the BTC price 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.

However, 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 Bitcoin 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.

Chart of interest - Bitcoin $BTC

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

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.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-chart-analysis-prediction-peter-brandt-potential-dump-pump.html

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