Bitcoin Price On The Cusp Of Going 'Full Bull' As Veteran Trader ...

Renowned trader Peter Brandt has identified a potential price pattern on the Bitcoin chart that could indicate a significant move in the coming weeks.

In a recent market analysis video, Brandt discussed the “hump, bump, lump, dump” pattern, also known as a “J-hook,” which he previously observed during the 2016 and 2020-2021 Bitcoin bull markets.

For context, the J-hook pattern is characterized by a congestion area, followed by an upside breakout that traps many traders, leading to a subsequent “dump” phase that clears out the market and sets the stage for the next leg up. Brandt noted that this pattern has been a recurring feature in Bitcoin’s price action and that Bitcoin could be setting up for another strong move higher if the J-hook pattern plays out.

Notably, Brandt has been calling out this pattern since January, when he first identified it as a reliable indicator of a healthy bull trend.

“The Chumps FOMO buy the Pump only to puke out their purchases with the Dump. It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy. Let’s see if HSPD works its magic once again.” Brandt had tweeted.

&nbsp &nbsp

Brandt’s analysis comes as Bitcoin reached a significant milestone, surging past $50,000 on Tuesday for the first time since December 2021.  The recent price strength in Bitcoin can be attributed to several factors, including growing institutional adoption following the recent spot Bitcoin ETF approvals, increasing optimism around regulatory clarity, and the upcoming halving event, which has historically preceded significant bullish runs.

Other analysts have also predicted a further upside for Bitcoin’s price. In a Tuesday tweet, renowned analyst Ali Matinez noted that the market has just emerged from a period of anxiety and has re-entered a new phase of belief, suggesting that we might see additional upward momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of the bullish cycle.

Meanwhile, analyst Michaël van de Poppe predicted that Bitcoin could reach $200,000 to $500,000 in the current bull cycle, driven by institutional interest and a larger magnitude of cash flowing into the cryptocurrency.

However, following the recent upswing, there have been warnings. Experts from crypto analytics firm Lookonchain noted that approximately 375,000 addresses bought about 120,000 Bitcoin valued at $6 billion at an average price of $50,227.81. Per the firm, these addresses are currently at a loss and may generate selling pressure when their positions reach breakeven.

At press time, Bitcoin was trading at $50,082 after a 3.78% surge in the past 24 hours. Notably, the cryptocurrency is now around 36% shy of its all-time high of $68,789, reached in November 2021, as per data from CoinMarketCap.