Experienced trader Peter Brandt is sharing a pessimistic outlook on Bitcoin (BTC) as the leading cryptocurrency’s price remains approximately 10% below the record high achieved three months ago. Brandt, with a following of 729,100 on the social media platform X, points out that Bitcoin is displaying a bearish chart pattern on the daily timeframe.

According to Brandt’s analysis of the “Bump, Hump, Slump, Bump, Dump” pattern, he suggests that Bitcoin’s immediate support level is around $65,060, with the next closest support at $60,775. This pattern involves an initial price increase known as a “Bump,” followed by a consolidation phase called a “Hump,” and then a price decline referred to as a “Slump.” The cycle repeats with another “Bump” leading to a “Dump.”

Brandt predicts that Bitcoin is likely to move downwards next, stating, “Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through $65,000, then the market goes to $60,000. Break through $60,000, the market goes to $48,000.”

At the time of writing, Bitcoin is trading at $66,276. Brandt also notes that Bitcoin is showing decreasing rates of return, indicating that BTC may have already reached the peak of the current cycle. He highlights historical data points showing decay in the percentage gains from low to high in past bull market cycles, suggesting that if this trend continues, the advance from 2022 to 2024 may be complete.

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