Veteran trader Peter Brandt has highlighted a bitcoin price pattern that frequently appeared in past major bull runs. “It is the Hump …Slump …Pump… Dump [HSPD] that keeps a bull trend healthy,” he explained, emphasizing: “Study past major bull runs in bitcoin and you will discover they were replete with HSPDs.”
Bitcoin Bull Runs and HSPD Pattern
Veteran trader Peter Brandt shared his observation about bitcoin’s price pattern he called the “Hump, Slump, Pump, Dump” (HSPD) on social media platform X Sunday.
“The old ‘Hump with a Slump then a Pump and a Dump’ is back — and this is the price behavior that separates Chumps from their money,” the trader described. “Study past major bull runs in bitcoin (BTC) and you will discover they were replete with HSPDs. The Chumps FOMO [fear of missing out] buy the Pump only to puke out their purchases with the Dump.” Brandt opined:
It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy. Let’s see if HSPD works its magic once again.
Brandt regularly provides analysis of bitcoin’s price. He has also made several bullish statements about the cryptocurrency. On Jan. 18, he wrote on X: “I have a macro bias in bitcoin in a very broad sense — that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” On Jan. 6, he wrote: “Bitcoin is primary a store-of-value IMO and still has massive opportunities to appreciate. I think everything is junk, including ETH.”
However, the trader is skeptical about the impact of the Bitcoin halving on the price of BTC. On Dec. 21 last year, he explained on X: “The Bitcoin halving hype is a whole lot of excitement over nothing. Sure, halving hype might temporarily impact price. But the reduction of supply as % of daily volume is the size of a gnat’s ass.”
What do you think about Peter Brandt’s bitcoin price analysis? Do you think a bitcoin bull run is coming soon? Let us know in the comments section below.
from Bitcoin News https://ift.tt/1MVbRkd
