Veteran Trader Peter Brandt Foresees Bullish Momentum for Bitcoin

Veteran trader Peter Brandt's recent bitcoin analysis suggests a bullish momentum, noting that a bear trap is confirmed by the July 13 close.

Veteran trader Peter Brandt shared his bitcoin price analysis on Monday, suggesting a bullish momentum with a bear trap being confirmed by the July 13 close. However, this outlook is contingent on bitcoin staying above $56,000.

Veteran trader Peter Brandt shared his bitcoin price analysis in a post on social media platform X on Monday.

Brandt, a renowned figure in the trading community with over four decades of experience, explained that bitcoin “could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction.”

“Jul 5 attempt at double top was bear trap, confirmed by Jul 13 close,” the trader described, adding that “most likely scenario now is that bears are trapped.”

This interpretation would suggest a potential bullish momentum for bitcoin, barring any significant downturns. However, Brandt noted that this outlook would be invalidated if bitcoin’s price falls below $56,000. A close under this threshold would disrupt the anticipated pattern and could lead to a different market trajectory.

The “Hump…Slump…Bump…Dump…Pump” terminology used by Brandt describes a specific pattern in bitcoin’s price movements. The pattern begins with an initial rise (hump), followed by a decline (slump), a recovery (bump), a sharp drop (dump), and finally, a strong upward surge (pump).

Brandt has frequently referenced this pattern in BTC’s price, noting in January that it “keeps a bull trend healthy.”

The veteran trader often shares his analysis on bitcoin’s price movements. In June, he highlighted the symmetry in BTC bull market cycles, predicting the next peak might occur in late August or early September 20225, with bitcoin potentially reaching $150,000.

However, Brandt remains cautious, estimating a 25% chance that the cryptocurrency has already peaked in this cycle. He also pointed out bitcoin’s consistent gains against gold since its inception, predicting that 100 ounces of gold will eventually be needed to purchase one BTC.

In summary, while Brandt’s latest BTC price analysis points to a trapped bear market, vigilance is necessary. The critical level to watch remains $56,000, which serves as a pivot for future bitcoin movements.

What do you think about Peter Brandt’s bitcoin price analysis and predictions? Let us know in the comments section below.

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