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Legendary Trader Peter Brandt Predicts Pain and Pump for Bitcoin Price

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Fri, 14/06/2024 - 8:38
Legendary Trader Peter Brandt Predicts Pain and Pump for Bitcoin Price
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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. 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 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.

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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.

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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.

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.

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Currently, Brandt sees a similar scenario, where Bitcoin could experience a significant dump, followed by a strong pump starting around the $60,000 level.

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