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Peter Brandt, one of the most famous commodity traders, decided to do just that Dust off The “Hump Slump Bump Dump Pump” chart pattern was first revealed several years ago.
According to the prominent chart, this pattern may be visible at the moment.
The largest cryptocurrency by market cap has had a rollercoaster ride.
The initial price rise that led to a round top was followed by a noticeable decline.
After that, the cryptocurrency experienced another “shock” and reached another peak.
Bitcoin reached a new all-time high of $108,135 on December 18.
Since then, the leading cryptocurrency has seen another price drop, falling once again to the $92,000 level.
Now, if Brandt's pattern is correct, the major currency may be on the cusp of another "pump."
According to the chart shared by Brandt, the leading cryptocurrency could rise to $112,500 in January this year.
Bitcoin is currently trading at $95,055, according to CoinGecko data.
Related to
In a recent social media post, trader Josh Olszewicz, who relies on the Ichimoku Cloud indicator, also identified two possible paths for Bitcoin. According to the bullish scenario, Bitcoin may see another 70% price increase, reaching a peak at around $160,000 due to positive momentum. The bearish scenario shows Bitcoin falling to $80,000.
like Reported by U. TodayFundstrat's Tom Lee recently predicted that the leading cryptocurrency could rise to $250,000 next year.
Brandt has repeatedly stated that Bitcoin could rise to more than $150,000 in 2025.
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