Experienced trader and analyst Peter Brandt predicted a potential upward trend for Bitcoin on April 18, based on the analysis of recurring patterns in market movements.
Brandt’s analysis indicated that Bitcoin prices tend to follow certain repeating patterns, which points to an upside potential.
Peter Brandt’s Bitcoin Price Forecast Goes Through Three Stages
Experienced trader Peter Brandt analyzed the market behavior of Bitcoin in a post and divided this asset into three stages. According to Brandt’s analysis, Bitcoin currently appears to be in the “Pump-Dump” phase of the third stage.
Peter Brandt’s chart regarding repetitive BTC price models linked the three stages of Bitcoin
Brandt noted that the “dump” part of this stage has occurred before the start of the “pump” stage, which indicates a possible price increase in the near future. This observation comes in a crypto market environment that is downward trending due to geopolitical tensions between Israel and Iran.
Brandt’s observations predict the potential for a significant change in BTC price movements, particularly as Bitcoin experienced a brief drop from $63.4K to $59K and subsequently rose to $65K in the aftermath of a retaliatory attack Israel launched on Iran during the midnight last night. This sudden price movement also provided gains in other cryptocurrencies and increased the likelihood of an uptrend in altcoins as well.
BTC price dropped to $59K in the early hours of April 19
In addition, CryptoQuant data shows that large Bitcoin holders, also known as crypto whales, are taking the market downturn as an opportunity to accumulate more cryptocurrency.
In particular, the transfer of 27.7K BTC (worth around $1.75 billion) into accumulation wallets on April 16 and 17 surpassed the previous record of 25.5K BTC (approximately $1.6 billion) sent to such wallets in March.
In this context, the upcoming Bitcoin halving event further reinforces Brandt’s predictions.
JUST IN: 100 blocks remain until #Bitcoin halving. pic.twitter.com/w6NkuxlqF5
— Watcher.Guru (@WatcherGuru) April 19, 2024
Halving aims to decrease block rewards in order to slow the production of new bitcoins, which has historically increased demand and prices.
Peter Brandt’s “Pump” Stage Could Begin Soon
Peter Brandt’s optimism about Bitcoin’s price increase appears to be in line with the views of other market experts, such as pseudonymous analyst Rekt Capital.
Rekt Capital, in a recent post on X platform, emphasized that the current downturn period for Bitcoin could offer investors an opportunity to buy Bitcoin at a low price before the halving event.
In the third stage, which Brandt referred to as “Collapse,” Rekt Capital highlighted that BTC’s price declines prior to halving have been consistent with similar historical cycles.
#BTC
3 Phases of The Bitcoin Halving
1. Final Pre-Halving Retrace
Bitcoin has produced two -18% retraces prior to the Halving in the span of just over a month
In mid-March, BTC pulled back -18% before recovering to $70000 and now in mid-April BTC has retraced -18% again
This… pic.twitter.com/2BKBQXpPOV
— Rekt Capital (@rektcapital) April 17, 2024
Rekt Capital expects a “post-halving re-accumulation phase” for Bitcoin after the halving event on April 20, a process that has historically lasted approximately 385 days.
Reck Capital’s chart shows the price increase for BTC
However, Rekt Capital anticipates the current market conditions to shorten this period and potentially cause a rise in Bitcoin price compared to previous cycles.
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