Seasoned trader Peter Brandt is suggesting that Bitcoin (BTC) may be gearing up for a massive breakout after Monday’s sharp decline.
Brandt tells his 732,800 followers on the social media platform X that Bitcoin may be repeating a similar pattern from two cycles ago after falling into the $49,000 range.
“Please note that BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.”
According to Brandt’s chart, Bitcoin’s collapse Monday to $49,000 was a 26% decline from this year’s weekly close after the halving event, when miners’ rewards were cut in half. Bitcoin sustained a similar decline in the 2015-2017 cycle, before mounting a rally to print fresh all-time highs (ATHs).
Based on Brandt’s chart depicting Bitcoin’s 2024 price pattern using the terms bump, hump, slump and dump, he suggests that Bitcoin’s dump may have set up the crypto king to pump to more than $90,000.
“Important to always deal with possibilities, not probabilities, and never certainties.”
The veteran trader also suggests it may be the right time in the cycle to bring back his “laser eyes” meme, a trend that emerged in 2022 to express bullish sentiment for Bitcoin.
“Is it time yet? The question has entered my mind.”
Bitcoin is trading for $56,095 at time of writing, up 3% in the last 24 hours.
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