Experienced trader Peter Brandt is sharing his bearish outlook on Bitcoin (BTC) as the leading cryptocurrency’s price remains approximately 10% below the record high achieved three months ago.
Brandt, with a following of 729,100 on the social media platform X, points out that Bitcoin is displaying a bearish chart pattern on the daily time frame. According to Brandt’s chart illustrating the “Bump, Hump, Slump, Bump, Dump” pattern, he indicates that Bitcoin’s nearest support level is around $65,060, with the second-closest at $60,775.
The “Bump, Hump, Slump, Bump, Dump” pattern involves an initial price increase, a “Bump” signaling bullish momentum, followed by a “Hump” consolidation phase, leading to a “Slump” price decline. A “Slump” is followed by another “Bump,” culminating in a “Dump.”
Brandt suggests that Bitcoin is likely to experience a downward trend next. He predicts potential price movements with statements like, “Break through $65,000, then the market goes to $60,000. Break through $60,000, the market goes to $48,000.”
Bitcoin is currently trading at $66,276.
Brandt also notes a decrease in returns for Bitcoin, hinting that BTC may have already peaked in the current cycle. He mentions past bull market cycles showing a decay in percent gains from low to high, indicating a trend of diminishing returns over time.
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Image Source: Peter Brandt/X
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