Bitcoin (BTC) Resembles 2018 Pattern, Sparking Speculation About the Crypto King's Next Move

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

Bitcoin (BTC) price continues to consolidate within a narrow range, making it difficult for the cryptocurrency to reclaim the $100,000 support level. However, veteran trader Peter Brandt has pointed out a similarity in Bitcoin’s 2018 pattern, hinting at the next move for BTC.

Bitcoin price showed signs of fatigue in 2022, struggling to maintain its momentum after reaching all-time highs. As a result, traders are closely monitoring price action and technical indicators to anticipate Bitcoin’s next move.

Bitcoin price action resembles 2018 pattern

In a recent tweet, Brandt highlighted a pattern that emerged in Bitcoin’s price chart several years ago. According to Brandt, the pattern, which he refers to as BHLD (Bump, Lump, Hump, Dump), is significant in understanding Bitcoin’s price trajectory.

nobr“If you are a Bitcoiner, take a look at this post from several years ago,” Brandt noted in his tweet, adding that the post describes the "famous Hump Slump Bump Dump Pump chart construction in $BTC."

nobr“Same thing could be happening now,” the veteran trader concluded.

The BHLD pattern, also known as Hump-Slump-Pump-Dump, consists of four distinct price movements. Initially, there is a small upward movement (Hump), followed by a period of consolidation (Slump). The third phase is characterized by another upward surge (Pump), which is typically stronger than the first. Finally, the pattern concludes with a sharp sell-off (Dump).

Interestingly, Brandt's observation aligns with a derivative of the BHLD pattern, which seems to fit Bitcoin's current price movements. This derivative pattern, known as Hump-Slump-Bump-Dump, could provide insight into BTC's immediate price trajectory.

Bitcoin Fear and Greed Index transitions from Extreme Greed

The Fear and Greed Index, a measure of investors' overall sentiment toward Bitcoin, is currently shifting from a zone of Extreme Greed to a lower level of greed. This transition is noteworthy, as historical data suggests that BTC tends to experience sharp corrections during periods of extreme greed.

However, the lower greed level may provide some support for Bitcoin's price stabilization. If the selling pressure remains moderate, BTC could potentially experience a short-term recovery phase.

Bitcoin price attempts to hold $95,668 support

At the time of writing, Bitcoin trades at $94,224, showing signs of recovery from dropping below $93,000 on December 1. As BTC consolidates in the lower-$90,000s, traders and investors await a decisive move.

To maintain support at $95,668, investors must prioritize holding their positions rather than quickly booking profits. This will allow Bitcoin to stabilize and potentially regain momentum.

If Bitcoin manages to reclaim $100,000 as support, it could signal a short-term bullish trend. This would enable BTC to recover from recent losses and potentially resume its upward trajectory, boosting investor confidence.

On the other hand, failure to hold $95,668 could lead to further跌幅 in Bitcoin, testing support at $89,800. Such a decline would invalidate the bullish outlook and push BTC's recovery timeline into January 2025.