Renowned trader Peter Brandt has recently provided intriguing perspectives on the prospective direction of Bitcoin‘s price, implying that a substantial shift could be in store for the cryptocurrency.
Bitcoins value seems to be rebounding slightly after a week-long dip, with an almost 5% increase in the last 24 hours and a present market price of $64,968.
Bitcoin Next Move According To This Chart Pattern
Brandt’s examination of Bitcoin’s past price trends is depicted in a sequence of graphs. This analysis reveals three unique phases in Bitcoin’s historical price fluctuations: the Hump-Slump, Bump-Rump, and Pump-Dump patterns.
According to Brandt’s analysis, Bitcoin has gone through the first and second stages of its price cycle. The third stage, characterized by a significant price increase or “pump,” has yet to occur. This suggests that there could be strong upward price movement in Bitcoin’s future.
What say you?? $btc
— Peter Brandt (@PeterLBrandt) April 18, 2024
During times of increased market instability and doubt, Bitcoin has seen significant price swings, dropping almost 10% in value over the last seven days.
Lately, cryptocurrency has experienced a bullish push, resulting in a 3.7% increase within the last 24 hours. The value even peaked above $65,000 momentarily after dipping to a 24-hour minimum of $60,000.
The price of Bitcoin is currently rising, supporting Brandt’s prediction of an impending bullish trend. This increase adds fuel to the expectation that the market could experience a significant price surge.
Insights From Industry Leaders And Analysts
Along with Brandt’s viewpoint, experts and professionals in the industry have shared their thoughts on Bitcoin’s potential direction.
Anthony Scaramucci, the founder and managing partner of Skybridge Capital, has expressed optimism about Bitcoin’s future value, predicting that its price could climb up to $200,000 after the upcoming halving occurs.
Scaramucci pointed to several reasons for his expectation that Bitcoin’s value would rise. Among these factors were the emergence of new financial instruments based on Bitcoin spots, such as exchange-traded funds (ETFs), and the growing attention from institutional investors.
Despite upbeat predictions, it’s important to note a warning from CryptoQuant, a well-known crypto analysis firm. They believe that if Bitcoin’s price falls below the crucial $60,000 mark, it could lead to a substantial drop in value, potentially down to $52,000.
Derivative Uncertainty
If the price falls beneath $60,000, there’s a good chance it will drop further to around $52,000 before potentially rebounding.
Full post
— CryptoQuant.com (@cryptoquant_com) April 18, 2024
A CryptoQuant analyst particularly noted:
If the price falls below $60,000, it’s possible that we could see a drop to $52,000 before a rebound. But considering the large influence of institutional ETFs, I wouldn’t be shocked if they buy up extra supply from sellers around the near-term support level of $60,000.
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2024-04-19 23:10