Experienced trader and analyst Peter Brandt predicted a possible upward trend for Bitcoin on April 18, based on an analysis of recurring patterns in market movements.
Brandt’s analysis showed that Bitcoin prices tend to follow certain recurring patterns, which indicate potential for an upward trend.
Peter Brandt’s Bitcoin Price Forecast Goes Through Three Phases
Experienced trader Peter Brandt analyzed Bitcoin’s market behavior and divided this asset into three stages. According to Brandt’s analysis, Bitcoin currently seems to be in the “Pump-Dump” phase of the third stage.
Peter Brandt’s chart on recurring BTC price patterns connected the three phases of Bitcoin
Brandt noted that the “dump” phase of this stage occurred before the start of the “pump” phase, indicating a potential price increase in the near future. This observation came amidst the cryptocurrency market, which has been in a downtrend due to geopolitical tensions between Israel and Iran.
Brandt’s observations suggest that there could potentially be a significant change in BTC price movements, particularly following the overnight retaliatory attack by Israel on Iran, which caused Bitcoin to briefly drop from $63.4 thousand to $59 thousand before rising to $65 thousand. This sudden price move also saw gains in other cryptocurrencies, potentially signaling an upturn in altcoins.
BTC price fell to $59 thousand in the early hours of April 19
Additionally, data from CryptoQuant indicates that large Bitcoin holders, or crypto whales, viewed price declines as discounts and increased their cryptocurrency holdings further.
In particular, a transfer of 27.7 thousand BTC (worth $1.75 billion) to accumulation wallets on April 16 and 17 surpassed the previous record of 25,500 BTC (approximately $1.6 billion) transferred to such wallets in March.
In this context, the upcoming Bitcoin halving event also 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 reduce miner rewards and slow down the production rate of new Bitcoins, which in the past has driven demand and prices up.
Peter Brandt’s “Pump” Phase Could Start Soon
Peter Brandt’s optimism about a Bitcoin price increase seems to be in line with the views of other market experts such as the pseudonymous analyst Rekt Capital.
Rekt Capital, in a post on the X platform, highlighted how the current downtrend in Bitcoin could provide an opportunity for investors to buy Bitcoin at a low price after the halving.
In what Brandt described as the “Collapse” stage of the third phase, Rekt Capital noted that Bitcoin’s price retracements before the halving were consistent with past 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 expected a “reaccumulation phase” for Bitcoin following the halving event on April 20, a process that historically lasted about 385 days.
Reck Capital’s chart shows the price increase for BTC.
However, Rekt Capital anticipates current market conditions might shorten this cycle and potentially lead to a price increase in Bitcoin compared to previous cycles.
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