đšBitcoin Price Alert: Expert trader Peter Brandt hints at a major advance in BTC.
đ In his most recent social media post, legendary trader Peter Brandt teased the possibility of a major price move for Bitcoin, hinting at the potential for a âbombshellâ in the cryptocurrency's value.
đ In a chart presented, Brandt identified a recurring pattern in the behavior of the Bitcoin market, which he breaks down into three phases:
1ïžâŁ Hump-Slump
2ïžâŁ Bump-Rump
3ïžâŁ Pump-Dump.
This whimsical, yet revealing characterization captures the cyclical nature of Bitcoin's price movements.
Although the current cycle has completed the two phases of hump-drop and top-collapse, the third phase is still ongoing with the unloading part completed, leaving the "pumping" part unfulfilled as of yet.
đ Brandt's recommendation comes at a time when the cryptocurrency market is experiencing increased volatility and uncertainty, and the price of Bitcoin is falling. The potential for a major price move, as Brandt suggests, adds to the intrigue over Bitcoin's price trajectory.
Adding even more to the doubt is the upcoming Bitcoin halving event, a phenomenon that historically impacts the price of Bitcoin. Halving reduces the reward for mining new blocks, effectively reducing the speed at which new Bitcoins are created.
This major event has previously caused an increase in demand and a subsequent price increase, in line with Brandt's suggestion to take an important step forward.
While the outcome of Brandt's hint is eagerly awaited, the exact timing and magnitude of the anticipated move remains unclear.
At the time of writing this post, Bitcoin had risen 4.17% in the last 24 hours to $64,415 as sales by traders appeared to slow.
