Bitcoin price drops to $95,000; Peter Brandt reveals a “new” strategy.

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

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

Reinventing Bitcoin Strategy

Peter Brandt noticed this Similar to Bitcoin An old pattern of 2018, 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 be in line with Bitcoin’s current path and could be its next path.

“If you are a Bitcoin user, take a look at this post from several years ago. It describes the creation of the famous Hump Slump Bump Dump Pump chart with $BTC. The same thing could happen now.” Brandt stated.

Bitcoin’s overall momentumas shown in the Fear and Greed Index, moves from extreme greed to less greedy territory. Historically, Bitcoin has corrected sharply during phases of extreme greed, making this shift a relatively positive sign for its price stability.

The current level of greed suggests recovery is possible as long as it does not escalate into excessive selling pressure. While a sell-off is still possible, a moderation in market sentiment could provide Bitcoin with a window for short-term gains.

BTC Price Prediction: Locking Support

Bitcoin It is trading at $94,224, trying to secure $95,668 as a support level. For this to happen, investors must resist profit taking, enabling Bitcoin to stabilize and regain lost momentum.

If Bitcoin reclaims $100,000 as support, this could indicate a short-term uptrend. This should help BTC recover its recent losses and possibly resume its upward trajectory, boosting investor confidence.

Conversely, failure to retain $95,668 could result in this Bitcoin To fall further, and test the support at $89,800. Such a decline would invalidate the bullish outlook and push Bitcoin’s recovery timeline to January 2025, prolonging uncertainty for investors.