Legendary trader Peter Brandt predicts pain and rise in Bitcoin price

Legendary trader Peter Brandt predicts pain and rise in Bitcoin price

popular merchant Peter Brandt has shared his latest outlook on the Bitcoin (BTC) price chart, predicting both a possible drop and a pump for the leading cryptocurrency. According to him, Bitcoin’s current price movements suggest an imminent decline ahead of what could be a significant recovery. Chart analysis suggests that if BTC price surpasses the $65,000 mark, it could fall further to $60,000. A drop below $60,000 could send the price down to $48,000.

popular merchant Peter Brandt has shared his latest outlook on the Bitcoin (BTC) price chart, predicting both a possible drop and a pump for the leading cryptocurrency. According to him, Bitcoin’s current price movements suggest an imminent decline ahead of what could be a significant recovery. Chart analysis suggests that if BTC price surpasses the $65,000 mark, it could fall further to $60,000. A drop below $60,000 could send the price down to $48,000.

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The analysis comes as Bitcoin has struggled to maintain its previous highs, falling 3.86% this week to around $66,000. The cryptocurrency has not reached a new high in 91 days, contributing to the bearish sentiment among market participants.

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Despite the short-term bearish outlook, Brandt also identifies growth potential. His chart includes a note about a “pump,” a term he has used before to describe the bounce phase in Bitcoin price cycles. Earlier this year, when Bitcoin was trading at $42,300, Brandt highlighted the “hump with drop, then bomb and dump” pattern, noting that such moves 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 experienced investors who understand the cyclical nature of cryptocurrencies. He believes these patterns are essential to maintaining a healthy uptrend.

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Currently, Brandt sees a similar scenario, in which Bitcoin could see a significant drop, followed by a strong pump that would start around the $60,000 level.

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