Bitcoin (BTC) continues to struggle to maintain sideways movement, making it difficult for the cryptocurrency to reclaim the psychological support level at $100,000.
Amid such price movements, veteran analyst Peter Brandt has emphasized the similarities with Bitcoin's 2018 pattern, raising speculation about the next move for the 'king of cryptocurrency.'
Bitcoin strategy being reshaped
Peter Brandt notes that Bitcoin is echoing an old pattern from 2018, just before BTC entered its parabolic rise phase. This pattern, known as BHLD (Bump, Lump, Hump, Dump), has a variant called Hump-Slump-Pump-Dump, which seems to align with Bitcoin's current trajectory and may indicate its upcoming direction.
"If you are a Bitcoin supporter, look back at this article from a few years ago. It describes the famous Hump-Slump-Bump-Dump-Pump chart structure of BTC. The same may be happening right now," Brandt commented.
BTC's Hump-Slump-Bump-Dump-Pump model | Source: Peter Brandt/X
The macro momentum of Bitcoin, reflected through the Fear and Greed Index, is shifting from the 'extreme greed' zone to a lower level of greed. Historically, Bitcoin often experiences sharp corrections during extreme greed phases, making this transition a relatively positive sign for BTC price stabilization.
The current level of greed indicates potential recovery, as long as it does not lead to excessive selling pressure. Although selling may still occur, the adjustment in market sentiment could create opportunities for short-term Bitcoin growth.
Bitcoin's Fear and Greed Index | Source: Glassnode
BTC Price Prediction: Establishing Support Levels
The price of Bitcoin is currently trying to reclaim the previous support level at $95,668. To achieve this, investors need to refrain from taking profits, helping BTC stabilize and regain lost momentum.
If successful, BTC could begin a short-term rally towards $100,000. This would be a stepping stone for BTC to recover recent losses and potentially continue the upward trend, reinforcing investor confidence.
Daily BTC/USDT Chart | Source: TradingView
Conversely, if unsuccessful, Bitcoin could drop deeper, testing the support level at $89,800. Such a decline would invalidate the bullish outlook and push back the recovery timeline for BTC to January 2025, extending uncertainty for investors.
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