History doesn’t repeat things twice, but it often echoes similar patterns. Peter Brandt, a well-known trader and analyst, has predicted that Bitcoin could soon enter a parabolic phase and reach new highs. He based his forecast on the analysis of the current and historical patterns of the Bitcoin market.
Brandt’s Bitcoin Cycle Analysis
Brandt explained his reasoning on X, where he showed a chart of Bitcoin’s price movements. He identified a recurring cycle of five stages. Brandt’s analysis is consistent with the Elliott Wave Theory, which is a popular method of technical analysis that uses wave patterns to predict market trends.
Brandt cycle reflects the changes in the market sentiment and psychology, as well as the supply and demand forces. This cycle begins with consolidation (“hump”) then moves into bullish momentum (“bump”), and falls into a decline (“slump”). Following the cycle then surges upwards in value (“pump”) and finally corrects itself (“dump”).
This pattern is the update of his previous predicted cycle January 28th when Brandt discover “Hump with a Slump then a Pump and a Dump” (HSPD). According to Brandt, BTC could experience substantial growth if it successfully crosses through key support and resistance levels. However, maintaining these levels could keep it on the upturn.
The Current Outlook
Brandt claimed that this cycle has been observed several times in the past, and that it usually precedes a parabolic rise in the BTC price. However, he also cautioned that this scenario depends on how Bitcoin behaves at certain key levels of support and resistance.
According to Tradingview Bitcoin is slightly up 0.14% in the last day to over $47,226 briefly. Investors debate what comes next. Analyst Ali Martinez predicted a coming BTC price dip driven by planned selling. Using CoinGlass data, he sees potential strategic liquidations coming.
With its current market cap sits at a whopping $926.18 billion USD. Over the last 24 hours, trading volume reached $33.21 billion USD. Bitcoin has seen a modest increase of +1.31% during this period.
With Bitcoin now around $47,226, experts disagree on what will happen next. In an X post on Friday, Analyst Ali Martinez predicts a coming BTC price dip driven by planned selling. He used CoinGlass data on futures trades to indicate strategic liquidations may occur soon.
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