Bitcoin’s Next Move Revealed: Trading Guru Reveals This Cryptic Chart Pattern, Here’s What It Says
19 Avril 2024 - 10:00PM
NEWSBTC
Legendary trader Peter Brandt has recently shared notable insights
into the potential future trajectory of Bitcoin price, suggesting
the possibility of a significant market move for the crypto asset.
This insight comes as Bitcoin appears to be recovering slightly
from its week-long decline. The asset is up nearly 5% over the past
24 hours, with a current trading price of $64,968 at the time of
writing. Related Reading: Bitcoin Halving Hysteria: Will History
Repeat Itself Or Are We Heading For A Market Meltdown? Bitcoin Next
Move According To This Chart Pattern Brandt’s analysis, presented
through a series of charts, outlines a distinctive pattern in
Bitcoin’s historical price behavior, characterized by three
distinct phases.: the Hump-Slump, Bump-Rump, and Pump-Dump cycles.
As per Brandt’s observation, while Bitcoin has completed the
initial two phases of the cycle, the third phase, marked by the
“pump” component, remains unfulfilled, hinting at potential bullish
momentum ahead. What say you?? $btc pic.twitter.com/IDvIpkZeER —
Peter Brandt (@PeterLBrandt) April 18, 2024 Meanwhile, amid
heightened market volatility and uncertainty, Bitcoin has faced
notable price fluctuations, experiencing a nearly 10% decline over
the past week. However, recent bullish momentum has seen the
cryptocurrency surging by 3.7% in the past 24 hours, with its price
briefly climbing above $65,000 after hitting a 24-hour low of
$60,000. This upward movement aligns with Brandt’s suggestion of a
pending bullish phase in Bitcoin’s price cycle, adding weight to
the anticipation of a potential market “pump.” Insights From
Industry Leaders And Analysts In addition to Brandt’s analysis,
industry leaders and analysts have offered their perspectives on
Bitcoin’s future trajectory. Anthony Scaramucci, founder and
managing partner of Skybridge Capital, has recently projected a
bullish outlook for Bitcoin, forecasting a potential price surge to
$200,000 following the upcoming halving event. Scaramucci cited
various factors, including the influence of new financial products
like spot ETFs and increasing institutional interest, as key
drivers behind Bitcoin’s anticipated price appreciation. Related
Reading: Bitcoin Could Drop To $52,000 If Price Breaks Below This
Mark – CryptoQuant However, amidst optimistic forecasts,
CryptoQuant, a prominent crypto analytics platform, has cautioned
that Bitcoin could face a significant downturn to $52,000 if its
price breaches the critical $60,000 support level. Derivative
Uncertainty “If the price breaks below $60,000, we might witness a
decline to $52,000 before a subsequent rise.” – By @ShivenMoodley
Full post 👇https://t.co/XSBnfexbzZ — CryptoQuant.com
(@cryptoquant_com) April 18, 2024 A CryptoQuant analyst
particularly noted: If the price breaks below $60,000, we might
witness a decline to $52,000 before a subsequent rise. However,
given the significant dominance of institutional ETFs, I wouldn’t
be surprised if they accumulate excess supply from liquidations
near the short-term support level of $60,000. Featured image from
Unsplash, Chart from TradingView
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