Experienced trader and analyst Peter Brandt predicted a possible upward trend for Bitcoin on April 18 based on the analysis of recurring patterns in market movements.
Brandt’s analysis showed that Bitcoin prices tend to follow recurring specific patterns, indicating potential for an upward trend.
Peter Brandt’s Bitcoin Price Prediction Goes Through Three Stages
Experienced trader Peter Brandt analyzed the market behavior of Bitcoin in a post and divided its behavior into three stages. According to Brandt’s analysis, Bitcoin is currently in the “Pump-Dump” phase of the third stage.
Peter Brandt’s chart of recurring 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 the possibility of a price increase in the near future. This observation came amid a cryptocurrency market environment trending downwards due to geopolitical tensions between Israel and Iran.
Brandt’s observations suggest a potential major shift in BTC price movements, particularly after Bitcoin briefly dropped from $63,400 to $59,000 and then rose to $65,000 following Israel’s midnight missile attack on Iran. This sudden price movement also led to gains in other cryptocurrencies and increased the probability of an uptrend in altcoins.
BTC price dropped to $59,000 in the early hours of April 19
In addition, data from CryptoQuant indicates that large Bitcoin holders, or crypto whales, are accumulating more cryptocurrency by considering price drops as a discount.
In particular, a transfer of 27,700 BTC (approximately $1.75 billion) into accumulation wallets on April 16 and 17 exceeded the previous record of 25,500 BTC (about $1.6 billion) sent to such wallets in March.
In this context, the upcoming Bitcoin halving 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 the production rate of new Bitcoins by decreasing miner rewards, which historically has driven up demand and prices.
Peter Brandt’s “Pump” Phase Could Begin Soon
Peter Brandt’s optimism about Bitcoin’s price increase appears to align with the views of other market experts such as the pseudonymous analyst Rekt Capital.
Rekt Capital emphasized in a post on X platform that the current downward period of Bitcoin could present an opportunity for investors to buy Bitcoin at a low price post-halving.
In the third phase, which Brandt described as a “collapse,” Rekt Capital noted that BTC’s price retracements before halving were consistent with similar 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 expects a “reaccumulation phase” for Bitcoin after the halving event on April 20, a process that historically lasted about 385 days.
Reck Capital’s chart shows the upcoming price increase for BTC.
However, Rekt Capital anticipates that current market conditions will shorten this process and potentially lead to an increase in Bitcoin price compared to previous cycles.
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