Bitcoin (BTC) continues to struggle with sideways movement, keeping the cryptocurrency from reclaiming $100,000 as a support level. 

Amid this price action, veteran trader Peter Brandt has highlighted a similarity to Bitcoin’s 2018 pattern, sparking speculation about the next move for the crypto king.  

Bitcoin Strategy Reinvented

Peter Brandt noted that Bitcoin resembles an old 2018 pattern, which occurred before BTC broke its Parabolic Advance. The pattern, known as BHLD (Bump, Lump, Hump, Dump), has a derivative called Hump-Slump-Pump-Dump, which appears to align with Bitcoin’s current trajectory and could be its next trajectory. 

“If you are a Bitcoiner, take a look at this post from several years ago. It describes the famous Hump Slump Bump Dump Pump chart construction in $BTC. Same thing could be happening now,” Brandt stated.

Bitcoin’s macro momentum, as reflected in the Fear and Greed Index, is transitioning from Extreme Greed to a lower greed zone. Historically, BTC has corrected sharply during phases of extreme greed, making this shift a relatively positive sign for stabilizing its price.  

The current greed level indicates potential for recovery as long as it doesn’t escalate into excessive selling pressure. While selling remains a possibility, the moderation in market sentiment could provide Bitcoin with a window for short-term gains.  

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Author: Aaryamann Shrivastava

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