Veteran Trader Peter Brandt Waves Red Flag For Newbie Crypto Investors: 'Hump With A Slump, Then A Pump And Dump' Cycle Returns To Bitcoin
Portfolio Pulse from Mehab Qureshi
Veteran trader Peter Brandt has cautioned new cryptocurrency investors about Bitcoin's (BTC) cyclical market patterns, which he calls 'Hump with a Slump then a Pump and a Dump' (HSPD). He suggests that inexperienced investors often buy during the 'pump' phase and suffer losses in the 'dump' phase. Bitcoin's price was around $41,800 over the weekend but managed a 5% gain the day before. Analyst Markus Thielen predicts BTC could climb above $43,000 and recommends re-entering long positions once it passes this threshold.
January 29, 2024 | 11:05 am
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Peter Brandt warns of a recurring Bitcoin cycle that could impact inexperienced investors. Bitcoin's recent price action shows stability with potential for growth as predicted by analyst Markus Thielen, who sees a move above $43,000 as a signal for long positions.
Brandt's warning is a reminder of the volatility in the cryptocurrency market, which could lead to short-term price fluctuations. Thielen's prediction of BTC surpassing $43,000 could indicate a bullish short-term outlook, potentially increasing investor interest and driving up the price.
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