Veteran Trader Peter Brandt Predicts Major Bitcoin Price Action Coming Soon – Here’s the Latest
Veteran trader Peter Brandt suggested the probability of an upward price trajectory for Bitcoin on April 18, citing recurring patterns in its market behavior. His analysis showed that Bitcoin prices tend to follow a repeating pattern, suggesting a bullish trajectory.
The seasoned trader analyzed Bitcoin’s market behavior in a thread on X, where he classified the asset into three phases: Hump-Slump, Bump-Rump, and Pump-Dump.
According to the chart presented by Brandt, the current Bitcoin market has completed the first and second phases and is in the third phase.
He noted that the “dump” part of the third stage had taken place while the “pump” phase was yet to materialize, suggesting a forthcoming BTC price increase.
His deduction of a potential major Bitcoin price move comes amid a bearish trend in the cryptocurrency market, largely due to the news of the geopolitical tensions between Israel and Iran.
Brandt’s analysis offers a potentially deeper perspective on the recent trajectory of BTC’s price, however.
For instance, when Israel launched a retaliatory attack on Iran overnight, Bitcoin briefly dipped to $59K from its prior price of $63.4K before recovering to $65K. This rapid shift in trend has also fueled gains in other cryptocurrencies, indicating the possibility of an altcoin rally.
Meanwhile, CryptoQuant data indicates that large Bitcoin holders (crypto whales) may have used the price dip to accumulate more cryptocurrencies at a discount.
Earlier this week, Cryptonews.com reported a transfer of over 27.7K BTC ($1.75 billion) sent into accumulation wallet addresses between April 16 and April 17. This exceeded the previous record of 25,500 BTC (almost $1.6 billion) sent to such wallets on March 23, when the Bitcoin price
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