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Renowned trader Peter Brandt has evaluated the potential for Bitcoin 
$104,127 to experience a correction before a significant rise. Brandt, who has 771,500 followers on social media, highlighted that Bitcoin is exhibiting certain price patterns.
Price Patterns and Expectations
Brandt noted that Bitcoin displays a price pattern characterized by the terms “bump, hump, slump, and dump.” He observed this model prior to Bitcoin’s surge from $50,000 to over $100,000 last year.
Decline and Rise Scenario
The pattern suggests the possibility of Bitcoin dropping to around $84,000 before recovering and potentially rising to $150,000. Brandt remarked, “It is a major question mark whether Bitcoin will experience a soothing decline or a prolonged consolidation before moving upward.”
Head and Shoulders Pattern
Brandt warned that if Bitcoin completes the head and shoulders (H&S) pattern on the daily chart, the price could decline to $76,000. This pattern indicates that if an asset loses momentum and falls below support levels, the upward trend could reverse.
Currently, Bitcoin trades at $94,625. Brandt also emphasized the importance of XRP, identifying it as a leading altcoin with a significant market cap.
XRP has surged after breaking the upward resistance above $2.38 following a six-week consolidation period. Brandt described XRP as the “lead package,” with its current price at $2.53.
These assessments of Bitcoin and XRP in the market could serve as crucial indicators for crypto traders. However, it is essential to consider the rapidly changing market dynamics.
Chart Analyses and Market Movements
Brandt’s chart analyses provide significant insights into the future movements of Bitcoin and XRP. Traders can use such technical analyses to formulate their market strategies.
The support level for Bitcoin has been set at approximately $90,000, and a drop below this level could lead to further declines for the asset.
