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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.
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.
Yuri MolchanDespite 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.
Alex DovbnyaCurrently, Brandt sees a similar scenario, where Bitcoin could experience a significant dump, followed by a strong pump starting around the $60,000 level.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya