Veteran trader Peter Brandt offers a market insight many have taken to mean that the Bitcoin price is unlikely to experience a major correction until August 2025.
After a strong start to the week with Bitcoin above the $100,000 price point, the crypto market is back in the red again as stronger-than-anticipated U.S. economic data releases dampened interest rate cut expectations.
Amid the slump, veteran commodities trader Peter Brandt has offered a medium-term market insight that has many optimistic.
No Bitcoin Slump Until August 2025?
Veteran trader Peter Brandt presented insights many have taken to mean that Bitcoin is unlikely to experience a major correction until August 2025.
In a Wednesday, January 8 comment on X, crypto trader Nilesh Rohilla shared his view with Brandt that it was better to target time than price with Bitcoin. He highlighted key windows like the first 18 months after the Bitcoin halving and the 12 months after the U.S. elections, which have historically seen price upticks.
Responding to the comment, Brandt noted that he agreed with Rohilla’s view while highlighting a pattern in the analyst’s chart.
Rohilla shared a daily candle chart showing Bitcoin’s price action from November 2023 till date, circling the asset’s price action between November 2023 and February 2024 and the price action from November 2024 till date, likely in anticipation of price repeating the pattern. The pattern saw Bitcoin start correcting from a point in December 2023 before kicking off a rally sometime in February 2024.
Brandt asserted that the circled patterns were “very typical corrections” that Bitcoin has replicated throughout its history. He added that he did not expect the pattern to repeat until August 2025.
The Hump Slump?
On close inspection, the circled pattern appears to be the Brandt-named “hump slump bump dump pump,” Bitcoin correction pattern or hump slump for short. As has been highlighted by the veteran trader, the leading crypto asset’s parabolic runs have historically been littered with this pattern.
On December 29, Brandt asserted that Bitcoin was likely in this pattern again but noted that a steeper decline was necessary for it to complete. Specifically, Bitcoin had to breach the horizontal support near the $89,000 price point.
One potential way Brandt noted that Bitcoin could complete this pattern is by fulfilling a head and shoulders pattern he identified on the asset’s daily candle chart. Previously, Brandt had said that the target of this pattern was $78,000. On Wednesday, however, he adjusted this target to $73,000.
Regardless, the analysis points to a significant market flush before Bitcoin can firmly resume its upward trajectory.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
