Peter Brandt Teases Bitcoin’s Big Move: Here’s What Next for BTC Price Ahead of Halving Event

The post Peter Brandt Teases Bitcoin’s Big Move: Here’s What Next for BTC Price Ahead of Halving Event appeared first on Coinpedia Fintech News

Despite Middle East tensions, the cryptocurrency market has stayed strong, with Bitcoin acting as a hedge. When Israel attacked Iran on April 19th, Bitcoin briefly dropped to $57,600 before bouncing back to $65,000. This quick trend change has also boosted many other cryptocurrencies, hinting at a possible local altcoin rally. However, with Bitcoin halving less than 24 hours away, market sentiment will likely stay volatile for the coming days. 

Meanwhile, Peter Brandt, a well-known veteran trader, recently hinted at a significant move in Bitcoin’s price through his X post. His observation centers around a pattern he identified in Bitcoin’s market behavior, which he breaks down into three phases: Hump-Slump, Bump-Rump, and Pump-Dump. 

According to Brandt, while the first two phases have been completed, the third phase, characterized by a “pump” in Bitcoin’s value, is yet to come. 

What say you?? $btc pic.twitter.com/IDvIpkZeER

— Peter Brandt (@PeterLBrandt) April 18, 2024

Read Also : Will Crypto Skyrocket? Ripple’s CEO Reveals What’s Next Before the Bitcoin Halving!

Here’s what you need to know about this 3rd phase of reality! PUMP

This suggestion from Brandt arrives amidst a period of heightened volatility and uncertainty in the cryptocurrency market. Bitcoin, along with other digital assets, has experienced fluctuations in its price, leading traders and investors to monitor market developments closely.

Recent data suggests that large Bitcoin holders, known as whales, may have seized the opportunity to accumulate more cryptocurrency during its recent price dip. Analysis of wallet addresses holding over 0.1% of the total Bitcoin supply reveals a notable uptick in accumulation activity.

Moreover, as per data, wallet addresses holding over 0.1% collectively added 19,760 Bitcoins to their holdings on the 18th of April, acquiring them at an average price of $62.5k per Bitcoin.

Adding to the anticipation is the impending Bitcoin halving event. Scheduled to occur soon, the halving will reduce the reward for mining new blocks, effectively slowing down the rate at which new Bitcoins are created. Historically, such events have increased demand for Bitcoin, potentially driving up its price.

Effect of Halving on BTC Price

However, analysts from JPMorgan Chase and Deutsche Bank believe that the impact of the halving may already be priced into Bitcoin’s current valuation. They suggest that the primary effect of the halving will be felt in the Bitcoin mining sector rather than in its price dynamics.

As traders and investors await further clues regarding Bitcoin’s next move, the cryptocurrency has shown resilience after experiencing intraday lows. Despite initial fluctuations, Bitcoin has rebounded, trading at $64,641, representing a 5.13% increase in the last 24 hours. This uptick suggests a temporary easing of selling pressure in the market.

Will you get a chance to buy the dip, we are excited about halving to make some move, are you?

Also Check out : The Halving Effect: Analysing The Impact on Bitcoin Dominance