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Bitcoin (BTC), the largest cryptocurrency by market cap, fell precipitously over the weekend, hitting lows of $60,822 before somewhat recovering to around $64,438 as of press time.
The immediate cause of the market crash was not clear; however, there are speculations that lower liquidity led to lower pricing.
In the wake of the market crash, veteran trader Peter Brandt has offered his take, suggesting that an "end run" has been completed for Bitcoin. Brandt posted a BTC/USD daily chart, highlighting BTC's recent price drop as the "end run."
End run completed in Bitcoin $BTC@chartwizardsnft pic.twitter.com/YlHISyT85D
— Peter Brandt (@PeterLBrandt) April 13, 2024
The word "end run" often refers to an evasive trick or maneuver that involves going around a defense. "End run" is commonly used in soccer to describe an attempt by the ball carrier to run wide around the end of the line.
In the context of Bitcoin, it could imply that the market has circumvented a difficult situation owing to its price crash near $60,000. The "end run" comment may also allude to the completion of a particular pattern for the Bitcoin price action.
Brandt highlighted a pattern in the BTC chart he presented that appears to be similar to a symmetrical triangle pattern, which may provide additional clues.
A symmetrical triangle chart pattern marks a period of consolidation before the price is forced to break out or down. A breakdown from the lower trend line signals the start of a new bearish trend, whereas a breakout from the higher trend line indicates the start of a new bullish trend.
In the chart, Brandt referred to the breakdown from this pattern as the "end run."
Earlier, Brandt had predicted that Bitcoin's bull run would peak at $200,000 by August or September 2025, revising his initial forecast of $120,000.
Brandt's recent comments may imply that the recent price drop is a healthy correction inside a larger positive trend; this might also indicate a sense of completion and readiness for the next phase of Bitcoin price action.
However, without further details, Brandt's statement of the "end run being completed" remains open to interpretation.