Veteran trader Peter Brandt has predicted a slight slump for Bitcoin’s (BTC) price before a major rally with his latest observations of a recurring pattern he calls the “Hump, Pump, and Dump.” In a tweet on Saturday, Brandt suggested Bitcoin could face one final pullback or extended sideways movement before a major rally, potentially driving the price to over $150,000. “The big question in my mind is whether Bitcoin will get one more dump (or lengthier congestive chop) before the pump. Remember, markets generally do not sour until retail traders get worn out,” Brandt wrote, alongside a chart showing a possible slight dip before the next big leg up. The tweet comes just days after the seasoned chartist pointed out the significance of a head-and-shoulders pattern forming within the larger hump-pump cycle. On Dec 29, Brandt commented , “ This is a head-and-shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust higher; or, it might morph into something else. But as it stands, it must be dealt with for what it is.” Notably, the “Hump, Slump, Pump, and Dump” cycle has historically characterized major Bitcoin bull runs. This pattern typically begins with an initial price surge (hump), followed by a retracement (slump), a recovery (pump), another correction (dump), and a final explosive rally (pump). “ This is the price behavior that separates chumps from their money,” Brandt has previously said about the pattern, highlighting how retail investors often FOMO into pumps only to sell at a loss during dumps. Supporting Brandt’s thesis, CryptoQuant CEO Ki Young Ju and other analysts have recently echoed the likelihood of this pattern playing out again. Elsewhere, popular crypto analyst Axel Kibar, in a recent tweet, Kibar suggested that the head-and-shoulders formation could initially target $80,000 before further growth . That said, recent Glassnode data adds weight to the possibility of a continued consolidation phase. While Bitcoin prices are about 12% lower than recent highs, long-term holders (LTH) are still distributing their holdings, albeit at a slower pace. Glassnode analysts noted that the 30-day distribution rate has reached extreme values seen in past cycles. However, according to the analysts, this doesn’t necessarily indicate the end of the bull market. “ In previous cycles, prices continued to rise even after LTH distribution peaked,” they explained on Jan. 10. Interestingly, the supply held by newer investors, or coins aged less than three months, has risen to 49.6%, signaling robust demand from fresh market participants. At prior cycle peaks in 2018 and 2021, this metric reached 85% and 74%, respectively. BTC was trading at $94,191 at press time, reflecting a 0.14% drop in the past 24 hours.
