Bitcoin’s rise to 67 thousand dollars today excited the market. However, one seasoned analyst warns of an imminent correction before reaching a yearly high. Legendary trader and analyst Peter Brandt evaluated Bitcoin’s recent parabolic rise. Additionally, Brandt shared his views that there will likely be a fix soon. However, Brandt says that declines in Bitcoin prices are real buying opportunities. He notes that regardless of volatility, Bitcoin will face a 15-20% correction.
Historical analysis: “Hump Dump” movement
cryptokoin.comAs you follow from , we know Peter Brandt for the correct predictions he has made in the past. Brandt acknowledges the possibility of a pullback following Bitcoin’s extraordinary 223% rally since September 11, 2023. He points out that an upward rally in financial markets is often followed by a period of consolidation. In this context, he notes that Bitcoin will not be an exception to this rule.
Peter Brandt supports this stance with historical data. Brandt highlights the phenomenon known as the “hunchback” movement observed in Bitcoin’s price behavior. Notably, after reaching its All-Time High (ATH) at $68,789.63 in November 2021, Bitcoin has experienced a significant decline. During this process, it dropped by up to 422% to $16,291.22 in November 2022. In the analyst’s analysis, the layers in recent price movements are further clarified by drawing attention to the “hump slump” and “bump dump” patterns that Bitcoin has exhibited since July 2023. Therefore, Brandt suggests that there will still be a correction on the horizon.
Bitcoin (BTC)’s parabolic run and its next move
However, he sees Bitcoin’s recent parabolic run and subsequent price decline as an absolute buying opportunity. He says that after the cooling period, Bitcoin will retest the $55,000 level. Thus, he predicts a correction of around 15-20% for BTC. However, Brandt remains optimistic about Bitcoin’s long-term prospects. The spot Bitcoin ETF cites factors such as accumulation trend, halving sentiment, and supply congestion as catalysts that could continue to push its price higher despite the expected pullback.
In his previous predictions, Brandt predicted a $200,000 peak for Bitcoin in the current bull cycle. Thus, he underlined his bullish attitude towards the future course of the cryptocurrency. Meanwhile, there are only 52 days left until Bitcoin’s halving event. Some speculation is that this surge is just the beginning of a significant bull run. The approach of the halving, a very important event in the Bitcoin ecosystem, increases expectations by potentially taking the cryptocurrency to new heights. Peter Brandt’s predictions and analysis continue to attract investors’ attention.
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