Bitcoin (BTC) continues to struggle with sideways movements, preventing the cryptocurrency from reclaiming the $100,000 support level.
Amid this price action, veteran trader Peter Brandt highlighted a similarity to Bitcoin’s 2018 pattern, sparking speculation about the crypto king’s next move.
Bitcoin Strategy Reinvented
Peter Brandt noted that Bitcoin’s price action resembles an old pattern from 2018 that occurred before BTC broke its Parabolic Advance. The pattern, known as BHLD (Bump, Lump, Hump, Dump), has a derivative called Hump-Slump-Pump-Dump, which appears to align with Bitcoin’s current trajectory and could be its next trajectory.
If you’re a Bitcoiner, check out this post from several years ago. It describes the famous Hump Slump Bump Dump Pump chart construction on $BTC. The same thing could be happening now, Brandt claimed.
Bitcoin Standard. Source: Peter Brandt
Bitcoin’s macro momentum, as reflected in the Fear and Greed Index, is moving from Extreme Greed to a lower greed zone. Historically, BTC has corrected sharply during phases of extreme greed, making this shift a relatively positive sign for stabilizing its price.
The current level of greed indicates potential for recovery, as long as it does not escalate into excessive selling pressure. While selling remains a possibility, moderation in market sentiment could provide Bitcoin with a window for short-term gains.
Bitcoin Fear and Greed Index. Source: Glassnode
Price prediction
Bitcoin is trading at $94,224, attempting to secure $95,668 as support. For this to happen, investors must resist the temptation to take profits, allowing BTC to stabilize and regain lost momentum.
If Bitcoin reclaims $100,000 as support, it could signal a short-term uptrend. This would help BTC recover its recent losses and potentially resume its upward trajectory, strengthening investor confidence.
Bitcoin Price Analysis. Source: TradingView
On the other hand, failure to hold $95,668 could lead BTC to decline further, testing support at $89,800. Furthermore, such a decline would invalidate the bullish outlook and push BTC’s recovery timeline to January 2025, prolonging uncertainty for investors.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
