Bitcoin Price Falls To $95,000; Peter Brandt Unveils “New” Strategy
Bitcoin (BTC) continues to struggle with sideways movements, preventing the cryptocurrency from regaining the $100,000 support level.
Amid this price action, veteran trader Peter Brandt highlighted similarities to Bitcoin’s 2018 pattern, fueling speculation about the cryptocurrency king’s next move.
Reinventing Bitcoin Strategy
Peter Brandt pointed out Bitcoin is similar to This is an old pattern from 2018, which occurred before BTC broke out of its parabolic advance. This pattern is known as BHLD (Bump, Lump, Hump, Dump), with a derivative called Hump-Slump-Pump-Dump, which appears to be consistent with Bitcoin’s current trajectory and may be its next trajectory.
“If you are a Bitcoin enthusiast, take a look at this article from a few years ago. It describes the famous Hump Slump Bump Dump Pump chart structure (in BTC). The same thing can happen now,” Brandt said.
Bitcoin’s Macro MomentumAs reflected in the Fear and Greed Index, there is a transition from extreme greed to lower greed territory. Historically, Bitcoin has corrected sharply during periods of extreme greed, making this shift a relatively positive sign for stabilizing its price.
The current level of greed suggests there is potential for recovery as long as it does not escalate into excessive selling pressure. While a sell-off is still possible, easing market sentiment could provide a window for Bitcoin to rise in the short term.
BTC Price Prediction: Finding Support
Bitcoin It is currently trading at $94,224, trying to find support at $95,668. To do this, investors must resist profit-taking, allowing Bitcoin to stabilize and regain lost momentum.
If Bitcoin regains support at $100,000, it could signal a short-term bullish trend. This would help Bitcoin recover its recent losses and potentially resume its upward trajectory, boosting investor confidence.
Conversely, failure to hold $95,668 could result in Bitcoin Further declines test the support at $89,800. Such a decline would invalidate the bullish outlook and push BTC’s recovery timeline to January 2025, prolonging investor uncertainty.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
