Bitcoin (BTC) continues to struggle with sideways moves, preventing the cryptocurrency from reclaiming $100,000 as a support level.
Amid this price action, veteran trader Peter Brandt pointed out a similarity to Bitcoin’s 2018 pattern, sparking speculation about the crypto king’s next move.
The reinvented Bitcoin strategy
Peter Brandt noted that Bitcoin resembles an old pattern from 2018, which occurred before BTC broke its parabolic advance. The model, known as BHLD (Bump, Lump, Hump, Dump), has a derivative called Hump-Slump-Pump-Dump, which appears to align with Bitcoin’s current trajectory and could be its next trajectory.
“If you are a Bitcoiner, take a look at this article from several years ago. It describes the famous construction of the Hump Slump Bump Dump Pump chart in $BTC. The same thing could happen now,” Brandt said.
Bitcoin’s macroeconomic momentum, as reflected by the Fear and Greed Index, is shifting from extreme greed to a lower greed zone. Historically, BTC has corrected sharply during phases of extreme greed, making this change a relatively positive sign for stabilizing its price.
The current level of greed indicates recovery potential as long as it does not escalate into excessive selling pressure. While selling remains a possibility, moderating market sentiment could provide Bitcoin with a window for near-term gains.
BTC Price Prediction: Secure Support
Bitcoin is trading at $94,224, attempting $95,668 as a support level. For this to happen, investors must resist profit-taking, allowing BTC to stabilize and regain lost momentum.
If Bitcoin reclaims $100,000 as support, it could signal a short-term uptrend. This would help BTC recover its recent losses and potentially resume its upward trajectory, boosting investor confidence.
Conversely, failure to hold $95,668 could cause Bitcoin to fall further, testing support at $89,800. Such a decline would invalidate the bullish outlook and push back the BTC recovery timeline until January 2025, thereby prolonging uncertainty for investors.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
