The previous week has been marked by major losses and liquidations for Bitcoin and the broader crypto market, but market veteran Peter Brandt expects an impending BTC pump.
Notably, the cryptocurrency market is already showing signs of recovery, with traders and analysts anticipating significant gains in the upcoming trading sessions.
Particularly, expert chartist Peter Brandt highlighted the importance of focusing on possibilities rather than certainties, as he emphasized Bitcoin’s potential for further growth.
Bitcoin’s Weekly Price Movements
In a recent chart, Brandt presented an 8-period moving average to track short-term trends. In Q1, Bitcoin experienced a strong surge, establishing a bullish sentiment. However, this was followed by various fluctuations, including minor recoveries and declines, alongside smaller oscillations in price.
The chart notably highlights significant dumps, labeled Dump #2, and #3, indicating substantial pullbacks within the year. Despite these setbacks, Bitcoin has shown resilience, recovering after each dump and edging closer to previous highs.
Sentiment is Optimistic
Market sentiment is optimistic, with a speculative arrow marked “PUMP???” suggesting a significant rise may be on the horizon.
As Bitcoin approaches the $92,579 target, it’s crucial to monitor potential resistance levels. Notably, Bitcoin needs to rise by approximately 65.96% to reach the target price of $92,579 from its current trading price of $55,784.
Additionally, previous data by Brandt indicates that Bitcoin’s current post-halving decline mirrors patterns seen during the 2015-2017 halving bull market cycle. During his analysis, Bitcoin retraced to the $49,000 price channel for the first time in over seven months. This range reappeared after Bitcoin’s value fell from $61,000 to $49,000, marking a significant 20% correction in one day.
Historical Patterns and Future Outlook
Brandt pointed out data showing the current retracement resembles the 2015-2017 halving bull market cycle. The second Bitcoin halving occurred on July 9, 2016, with BTC closing at $650 during the halving week. However, the asset dropped to a low of $470 weeks later, marking a 27% post-halving decline.
Bitcoin faced a resistance level at $790, which it needed to surpass to reach new price territories. Ultimately, Bitcoin overcame this barrier, setting a new cycle high of approximately $20K within 24 weeks, one year after the halving. This historical perspective suggests that if similar patterns unfold, significant gains could be in Bitcoin’s future.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
