Bitcoin Price Prediction: Peter Brandt Says BTC's Drop Is Similar To The Start Of The 2016 Bull Rally As Investors Buy The Dip With This P2E DOGE Derivative

bitcoin price rose 3% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $55,419 at 12:29 a.m. EST on trading volume that increased 76% to $93 billion.

This comes as veteran trader Peter Brandt says bitcoin's decline since the April 2024 halving is similar to price movements before the 2016 bull run.

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Please note that twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc The decline since the halving is now similar to that of the 2015-2017 halving bull market cycle image.twitter.com/cIm3WKzBog

—Peter Brandt (@PeterLBrandt) twitter.com/PeterLBrandt/status/1820421762493890737?ref_src=twsrc%5Etfw”>August 5, 2024

Just before the 2016 halving and during the event, btc was trading at $650. Markets then pulled back to a subsequent low of $474 before recovering to $20,000 in December 2017.

Can bitcoin soar again in the coming months after such a significant drop?

bitcoin price will continue to rise

bitcoin price continued to fall in August, dropping from a high of $67,236 within a descending channel pattern, data from GeckoTerminal shows.

Yesterday, the bitcoin price fell below the descending channel to $49,800. However, the price seems to be bouncing from below the lower boundary of the channel and is now trading within its upper boundary.

The bullish stance is evident as the Relative Strength Index (RSI) bounced from the oversold level to break above the mid-50 level and now stands at 55, indicating that buyers have the upper hand.

Additionally, the Moving Average Convergence Divergence (MACD) is also bullish as it rises towards the neutral line with the aim of breaking above it. The blue MACD line also crosses above the orange signal line, representing a bullish crossover.

bitcoin Price Prediction

The rising RSI and the formation of a bullish crossover by the MACD create bullish prospects for optimistic investors, who might increase their buying positions.

If the buying continues, bitcoin price could surge above the descending channel as bulls target the $65,500 resistance.

Meanwhile, btc is still trading below the 50-day and 200-day simple moving averages (SMA), which shows that btc price could still fall. If this happens, the bears could take control at this level, which could push bitcoin price to the next support zone of $49,693.

As the price of bitcoin rises, funds are being pumped into the P2E project PlayDoge (PLAY), which has skyrocketed to nearly $6 million in funds raised in its pre-sale.

PlayDoge meme coin raises over $5.98M – what is the best meme coin to buy now?

PlayDoge is a P2E (play-to-earn) mobile game that transforms the DOGE meme into a Tamagotchi-style virtual pet and allows its holders to earn $PLAY tokens.

The game is inspired by the classic Tamagotchi game from the 90s and offers players fun and the chance to earn rewards in the native $PLAY token depending on how well they care for their pets.

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Stack twitter.com/search?q=%24PLAY&src=ctag&ref_src=twsrc%5Etfw”>PLAY and live life in easy mode

Join the twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale https://t.co/JT0VEofqf2 image.twitter.com/QVL6JOvjvd

— PlayDoge (@PlayDogeGame) twitter.com/PlayDogeGame/status/1817925318117581046?ref_src=twsrc%5Etfw”>July 29, 2024

Token holders can also stake their holdings to earn an incredible 81% annual percentage yield (APY).

Cryptocurrency YouTuber Jacob Bury says $PLAY could potentially surge 10x after launch.

You can buy $PLAY tokens for $0.00526 each right now. The price will go up in just over a day, so buy early if you want to get the best deal.

To join the presale, purchase $PLAY from the official website here using BNB, USDT, or a bank card.

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