Experienced trader and analyst Peter Brandt predicted a potential uptrend for Bitcoin on April 18 based on his analysis of recurring patterns in market movements.
Brandt’s analysis indicated that Bitcoin prices tend to follow specific recurring patterns, suggesting upward potential.
Peter Brandt’s Bitcoin Price Forecast Goes Through Three Stages
Experienced trader Peter Brandt analyzed Bitcoin’s market behavior in a tweet, dividing the asset into three stages. According to Brandt’s analysis, it appears that Bitcoin is currently in the “Pump-Dump” phase of the third stage.
Peter Brandt’s chart on repeated BTC price patterns linked the three stages of Bitcoin
Brandt noted that the “dump” part of this stage occurred before the “pump” phase began, indicating a potential price increase in the near future. This observation came amid a bearish crypto market environment due to geopolitical tensions between Israel and Iran.
Brandt’s observations suggest the potential for a significant change in BTC price movements, especially with the recent flare-up between Israel and Iran. Following Israel’s midnight retaliation against Iran, Bitcoin briefly dropped from $63.4k to $59k, then bounced back to $65k. This sudden price movement also led to gains in other cryptocurrencies, raising the possibility of an uptrend in altcoins.
Bitcoin price dropped to $59k in the early hours of April 19th
Additionally, CryptoQuant data shows that large Bitcoin holders, or crypto whales, view price drops as discounts, increasing their crypto holdings. Specifically, the transfer of 27.7k BTC ($1.75 billion) to accumulation wallets on April 16th and 17th surpassed the previous record of 25,500 BTC ($1.6 billion) sent to such wallets in March.
In this context, the upcoming Bitcoin halving reinforces Brandt’s predictions.
JUST IN: 100 blocks remain until #Bitcoin halving. pic.twitter.com/w6NkuxlqF5
— Watcher.Guru (@WatcherGuru) April 19, 2024
The halving aims to decrease miner rewards, slowing the production rate of new Bitcoins and historically driving up demand and prices.
Peter Brandt’s “Pump” Phase Could Begin Soon
Peter Brandt’s optimism about Bitcoin’s price increase appears consistent with the views of other market experts such as pseudonymous analyst Rekt Capital.
In a tweet on X platform, Rekt Capital emphasized that Bitcoin’s current downtrend could offer investors an opportunity to buy Bitcoin at a low price following the halving.
Rekt Capital noted that in the third stage, defined as “Collapse” by Brandt, Bitcoin’s price declines before the halving are 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 “reaccumulation phase” for Bitcoin following the halving event on April 20th, historically lasting approximately 385 days.
Reck Capital’s chart shows the price increase for BTC.
However, Rekt Capital predicts that current market conditions could shorten this process and potentially drive a price increase in Bitcoin compared to previous cycles.
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