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In his recent social media post, Legendary trader Peter Brandt teased the possibility of an incoming major price move for Bitcoin, hinting at the potential for a "pump" in the cryptocurrency's value.
In a chart presented, Brandt 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.
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.
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.
Further adding to the intrigue is the upcoming Bitcoin halving event, 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 outcome 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.
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.
Mushumir Butt
Arman Shirinyan
