Experienced trader Peter Brandt is sharing a bearish outlook on Bitcoin (BTC) as the leading cryptocurrency’s price remains around 10% below its all-time high from three months ago. Brandt, with a following of 729,100 on the social media platform X, believes that Bitcoin is displaying a bearish chart pattern on the daily timeframe.

According to Brandt’s analysis of the chart showing the “Bump, Hump, Slump, Bump, Dump” pattern, he indicates that Bitcoin’s nearest support level is approximately $65,060, with the next closest level at $60,775. This pattern involves an initial price increase, known as the “Bump,” followed by a consolidation phase or “Hump,” leading to a decline or “Slump.” This slump is then followed by another bump and ultimately results in a “Dump.”

Brandt predicts that Bitcoin is likely to experience a downward movement in the near future, with potential price targets of $60,000 and $48,000 if it breaks through key levels. Currently, Bitcoin is trading at $66,276.

Furthermore, Brandt notes that Bitcoin is showing diminishing rates of return, suggesting that the cryptocurrency may have already peaked in the current cycle. He points out that historical data from past bull market cycles indicates a decay in percent gains from low to high over time, potentially signaling that the current cycle’s advance could be nearing completion.

As always, it is important for investors to conduct their own research and due diligence before making any high-risk investments in Bitcoin or other digital assets. The Daily Hodl does not provide investment advice and encourages readers to be cautious when trading cryptocurrencies.