{"id":561131,"date":"2024-08-06T09:31:35","date_gmt":"2024-08-06T09:31:35","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/auto-draft"},"modified":"2024-08-06T09:30:13","modified_gmt":"2024-08-06T09:30:13","slug":"bitcoin-price-prediction-peter-brandt-says-btcs-drop-is-similar-to-start-of-2016-bull-run-as-investors-buy-the-dip-with-this-p2e-doge-derivative","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-peter-brandt-says-btcs-drop-is-similar-to-start-of-2016-bull-run-as-investors-buy-the-dip-with-this-p2e-doge-derivative","title":{"rendered":"Bitcoin Price Prediction: Peter Brandt Says BTC\u2019s Drop Is Similar To Start Of 2016 Bull Run As Investors Buy The Dip With This P2E DOGE Derivative"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bitcoin price climbed 3% in the last 24 hours <\/span><a href=\"https:\/\/www.geckoterminal.com\/eth\/pools\/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed\"><span style=\"font-weight: 400;\">to trade at $55,419<\/span><\/a><span style=\"font-weight: 400;\"> as of 00:29 a.m. EST on trading volume that surged 76% to $93 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This comes as veteran trader Peter Brandt says Bitcoin&rsquo;s fall since the April 2024 halving is similar to the price movements ahead of the 2016 bull run. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Please note that <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle <a href=\"https:\/\/t.co\/cIm3WKzBog\">pic.twitter.com\/cIm3WKzBog<\/a><\/p>\n<p>&mdash; Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1820421762493890737?ref_src=twsrc%5Etfw\">August 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Just before the 2016 halving and during the event, BTC was trading at $650. The markets then retreated to a subsequent low of $474 before rebounding to $20,000 in December 2017.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Can Bitcoin soar again in the coming months after such a significant drop?<\/span><\/p>\n<h2>Bitcoin Price To Continue Soaring<\/h2>\n<p><span style=\"font-weight: 400;\">The Bitcoin price continued to decline in August, dropping from a $67,236 high within a falling channel pattern, as data from GeckoTerminal shows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yesterday, Bitcoin&rsquo;s price dropped below the falling channel to as low as $49,800. However, the price seems to be rebounding from below the channel&rsquo;s lower boundary, now trading within its upper boundary.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bullish stance is evident as the Relative Strength Index (RSI) rebounded from the oversold level to surpass the 50-midline level and is now at 55, which indicates that buyers have the upper hand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as it climbs up toward the neutral line aiming to overcome it. The blue MACD line also crosses above the orange signal line, which represents a bullish crossover.<\/span><\/p>\n<figure id=\"attachment_561132\" aria-describedby=\"caption-attachment-561132\" style=\"width: 1254px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-561132\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/WBTC_2024-08-06_07-29-03.png\" alt=\"Bitcoin Price Chart Analysis Source: GeckoTerminal.com\" width=\"1254\" height=\"473\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/WBTC_2024-08-06_07-29-03.png 1254w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/WBTC_2024-08-06_07-29-03-300x113.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/WBTC_2024-08-06_07-29-03-1024x386.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/WBTC_2024-08-06_07-29-03-768x290.png 768w\" sizes=\"(max-width: 1254px) 100vw, 1254px\"><figcaption id=\"caption-attachment-561132\" class=\"wp-caption-text\">Bitcoin Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n<h2>Bitcoin Price Prediction<\/h2>\n<p><span style=\"font-weight: 400;\">The RSI soaring and the MACD forming a bullish crossover create bullish prospects for optimistic investors, who could add to their buying positions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the buying sustains, the price of Bitcoin could soar above the falling channel as the bulls target the $65,500 resistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, BTC still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which shows that the BTC price could still slump. If this happens, bears could take control at this level, which could push the price of Bitcoin to the next support zone of $49,693.<\/span><\/p>\n<p>As the Bitcoin price climbs, so funds are being pumped into the P2E project <a href=\"https:\/\/insidebitcoins.com\/visit\/playdoge\" rel=\"nofollow\">PlayDoge (PLAY),<\/a> which has rocketed to within a whisker of $6 million in funds raised&nbsp;in its presale.<\/p>\n<h2>PlayDoge Meme Coin Raises Over $5.98 Million &ndash; Best Meme Coin To Buy Now?<\/h2>\n<p>PlayDoge is a mobile-based play-to-earn (P2E) game that transforms the DOGE meme into a Tamagotchi-style virtual pet while allowing holders to earn $PLAY tokens.<\/p>\n<p>The game is inspired by the classic 90s Tamagotchi game and offers players enjoyment and the opportunity to earn rewards in the native token $PLAY depending on how well they look after their pets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Stack <a href=\"https:\/\/twitter.com\/search?q=%24PLAY&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PLAY<\/a> and live life on easy mode &#127754; &#128176; <\/p>\n<p>Join the <a href=\"https:\/\/twitter.com\/hashtag\/Presale?src=hash&amp;ref_src=twsrc%5Etfw\">#Presale<\/a> &#128071;   <a href=\"https:\/\/t.co\/JT0VEofqf2\">https:\/\/t.co\/JT0VEofqf2<\/a> <a href=\"https:\/\/t.co\/QVL6JOvjvd\">pic.twitter.com\/QVL6JOvjvd<\/a><\/p>\n<p>&mdash; PlayDoge (@PlayDogeGame) <a href=\"https:\/\/twitter.com\/PlayDogeGame\/status\/1817925318117581046?ref_src=twsrc%5Etfw\">July 29, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Token holders can also stake their holdings for an eye watering 81% annual percentage yield (APY).<\/p>\n<p>Crypto YouTuber Jacob Bury says $PLAY could potentially surge 10X after its launch.<\/p>\n<p><iframe title=\"PlayDoge New 10X Potential Play to Earn MEME Utility Token (Best Crypto to Buy Now?!)\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/GLvTFi4aMIg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>You can buy $PLAY tokens for $0.00526 each right now. With a price hike coming in a little more than a day, buy soon if you want to lock in the best deal.<\/p>\n<p>To join the presale, <a href=\"https:\/\/insidebitcoins.com\/visit\/playdoge\" rel=\"nofollow\">buy $PLAY from the official website here<\/a> using BNB, USDT, or a bank card.<\/p>\n<h2>Related News<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye\"><span style=\"font-weight: 400;\">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-meme-coins-invest-top-picks-exponential-gains-calsona-iorle\"><span style=\"font-weight: 400;\">Best Meme Coins to Invest in: Top Picks for Exponential Gains! &#128640;<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/where-buy-presale-crypto-unlock-exclusive-early-now-calsona-q7xie\"><span style=\"font-weight: 400;\">Where to Buy Presale Crypto: Unlock Exclusive Early Investments Now! &#127881;&#127881;<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">PlayDoge (PLAY) - Newest Launch On BNB Chain<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n                                            <div class=\"rating--holder\">\n                                                <p class=\"rating--text\">Rating<\/p>\n                                                <div class=\"rating--star-container\">\n                                                    <div class=\"rating--star\" style=\"width: 100%;\"><\/div>\n                                                <\/div>\n                                            <\/div>\n                                        <\/div>\n                                    <\/div><!--\/.col-md-4-->\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img mb-3\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/playdoge.svg\" alt=\"PlayDoge\" width=\"125\" height=\"60\">\n                                    <\/div>\n\n                                    <div class=\"col-12 col-md-8\">\n                                                                                    <ul class=\"inContentProviderSingle--list\">\n                                                                                                    <li>2D Virtual Doge Pet<\/li>\n                                                                                                    <li>Play To Earn Meme Coin Fusion<\/li>\n                                                                                                    <li>Staking &amp; 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This comes as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction: Peter Brandt Says BTC\u2019s Drop Is Similar To Start Of 2016 Bull Run As Investors Buy The Dip With This P2E DOGE Derivative\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-06T09:31:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-06T09:30:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/cropped-1920-1080-915234.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evans Karanja\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nmivanco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Evans Karanja\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131\"},\"author\":{\"name\":\"Evans Karanja\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/72acfe14b9166e2ecc820938305f46b6\"},\"headline\":\"Bitcoin Price Prediction: Peter Brandt Says BTC\u2019s Drop Is Similar To Start Of 2016 Bull Run As Investors Buy The Dip With This P2E DOGE Derivative\",\"datePublished\":\"2024-08-06T09:31:35+00:00\",\"dateModified\":\"2024-08-06T09:30:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131\"},\"wordCount\":588,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/561131\",\"name\":\"Bitcoin Price Prediction: Peter Brandt Says BTC\u2019s Drop Is Similar To Start Of 2016 Bull Run As Investors Buy The Dip With This P2E DOGE Derivative - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2024-08-06T09:31:35+00:00\",\"dateModified\":\"2024-08-06T09:30:13+00:00\",\"description\":\"The Bitcoin price climbed 3% in the last 24 hours to trade at $55,419 as of 00:29 a.m. EST on trading volume that surged 76% to $93 billion. 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