The last ending of the famous trader Peter Brandt sharing, Bitcoin It draws attention to the potential for a big upcoming move in price. While Brandt pointed to the possibility of a “pump” in the value of the cryptocurrency, he divided BTC’s market behavior into three phases in the chart he presented: “1. Peak-Decline, 2. Rise-Decline, 3. Rise-Decline.”
What do you say?? $btc pic.twitter.com/IDvIpkZeER
NEWS CONTINUES BELOW— Peter Brandt (@PeterLBrandt) April 18, 2024
While the current cycle has completed two phases: peak-fall and rise-fall, the third phase, the decline part, is expected to be completed and it is noted that the “rise” part has not been completed yet.
Brandt’s interesting but meaningful definition, bitcoin price accurately summarizes the cyclical nature of their movement.
As uncertainty and volatility in Bitcoin price increases, Brandt hints at the possibility of a big price move. cryptocurrency increases speculation in the market. Additionally, the approach of the halving event, another important factor affecting the BTC price, further increases this intrigue. As Koinfinans.com reported, the halving may affect prices by reducing the rate at which new BTCs are created.
However, according to JPMorgan Chase and Deutsche Bank analysts, the halving, which has long been an important factor for Bitcoin price, may already be priced in. JPMorgan analysts think the impact of the halving will be on Bitcoin mining rather than the price.
While the outcome of Brandt’s clue is eagerly awaited, the timing and magnitude of the expected move remains unclear. However, traders and investors continue to monitor other indicators that could indicate Bitcoin’s next move.
Bitcoin recovered after a sharp drop to $59,573 intraday. As it stands now, Bitcoin is up 5.13% in the last 24 hours to $64,641, and the selling by traders appears to have eased.
