Bitcoin’s recent dip might be a good thing, according to seasoned trader Peter Brandt. He believes the current correction is similar to the one that happened in 2017, which was followed by a huge rally.
Brandt, who has over 700,000 followers on X (formerly Twitter), says that Bitcoin’s drop to $49,000 is like a repeat of the 2015-2017 cycle. After the halving event (when miners get half the usual reward), Bitcoin experienced a similar 26% drop. This was followed by a massive surge to new all-time highs.
Brandt uses a chart to illustrate his point, calling it the “bump, hump, slump, and dump” pattern. He believes that the recent “dump” could be setting Bitcoin up for a big pump, potentially pushing the price above $90,000.
The veteran trader is even considering bringing back the “laser eyes” meme,
While Brandt’s prediction is exciting, it’s important to remember that this is just one trader’s opinion. Investing in crypto is risky, so always do your own research before making any decisions.
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