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Peter Brandt, one of the most well-known commodity traders, has decided to dust off his "Hump Slump Bump Dump Pump" chart pattern that he first revealed several years ago.
According to the prominent chartist, this pattern might be playing out right now.
The largest cryptocurrency by market cap experienced a roller-coaster ride.
An initial price bump that resulted in a rounded peak was followed by a notable slump.
After this, the cryptocurrency experienced another "bump" and reached yet another peak.
Bitcoin reached a new all-time high of $108,135 on Dec. 18.
Since then, the leading cryptocurrency experienced another price dump, plunging all the way back to the $92,000 level.
Now, if Brandt's pattern is correct, the flagship coin might be on the cusp of another "pump."
According to the chart shared by Brandt, the leading cryptocurrency could surge to $112,500 as soon as this January.
Bitcoin is currently changing hands at $95,055, according to CoinGecko data.
Alex DovbnyaIn a recent social media post, trader Josh Olszewicz, who relies on the Ichimoku cloud indicator, also outlined two likely paths for Bitcoin. According to a bullish scenario, Bitcoin could experience another 70% price increase, peaking at around $160,000 due to positive momentum. A bearish scenario shows Bitcoin plunging to $80,000.
As reported by U.Today, Fundstrat's Tom Lee recently predicted that the leading cryptocurrency could soar to $250,000 next year.
Brandt has repeatedly stated that Bitcoin could surge above $150,000 in 2025.
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.
Yuri Molchan
Arman Shirinyan
Vladislav Sopov
Dan Burgin