As a seasoned crypto investor with over a decade of experience in the market, I’ve seen my fair share of bull and bear markets. Bitcoin’s recent price surge to $63,000 has piqued my interest, especially given the analysis of veteran trader Peter Brandt.
The leading cryptocurrency, Bitcoin, hit a new milestone of $63,000 in value recently. Veteran trader Peter Brandt has shared his perspective on this significant price surge.
Bitcoin has experienced four successive days of price increases, peaking at $63,293 during recent trading following a rebound from the previous day’s low of $56,538.
Based on Brandt’s analysis, Bitcoin (BTC) could be following the familiar “Hump-Slump-Bump-Dump-Pump” price trend that he has noticed before.
In a recent tweet, Brandt expressed the possibility that Bitcoin’s price movement follows a consistent pattern, referring to it as “Bitcoin BTC may be exhibiting its recurring Hump-Slump-Bump-Dump-Pump chart formation.”
As an analyst, I believe Bitcoin’s price action might be repeating its typical pattern of rising to a peak (hump), followed by a sharp decline (slump), then a recovery (bump), and another decline (dump). The failed attempt at forming a double top around July 5th was actually a bear trap, as confirmed by the price closing above this level on July 13th. Presently, it’s most likely that bears have been caught off guard, making a short position unfavorable. However, if the price closes below $56k, this interpretation could change.
— Peter Brandt (@PeterLBrandt) July 15, 2024
In this chart pattern, there is a distinct sequence of price fluctuations. A “Hump” signifies a noticeable price increase, which is then followed by a “Slump,” or price decrease. Subsequently, there is a “Bump,” which denotes a further price rise, and finally, a “Dump” or another significant price drop. The most substantial upward trend occurs during the “Pump” phase, often leading to new record highs.
Bitcoin bears trapped?
Brandt stated that the attempted double top on July 5 proved to be a bear trap, as confirmed by the market closing on July 13. It’s most likely that the bears are now in a difficult position. A close below $56,000 would contradict this analysis.
On the 5th of July, Brandt pointed out that Bitcoin appeared to be forming a double top – a bearish formation indicating potential further price drops to hit $53,499. Yet, Brandt cautioned that this could be a bear trap, a misleading signal that might trick traders into thinking the downward trend would persist. This perspective holds water, given Bitcoin’s consistent decline leading up to that date.
Yet, the bullish finish on July 13 annulled the prior double top formation. According to Brandt’s analysis, it appears that bears have been caught off guard. This perspective implies Bitcoin could persist in its uptrend.
As an analyst, I’d point out that Brandt identifies a significant threshold for Bitcoin (BTC) investors at around $56,000. Should BTC fail to hold above this level, it could potentially undermine the current bullish perspective. Currently, BTC is trading 5.05% higher than the previous day, sitting at $62,642.
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2024-07-15 18:06