Summary:
Bitcoin attempted to reach $70,000 but faced resistance, peaking at $69,891.
Currently trading at $69,373, marking a 2.28% decline in 24 hours.
Veteran trader Peter Brandt suggests a potential breakout target of $97,056.
Aiming for $97,000 represents a 38% increase from current levels.
Brandt indicates a need for a close above $76,000 for a confirmed breakout.
Bitcoin's Recent Performance
Bitcoin, the largest cryptocurrency by market capitalization, has been making headlines as it attempted to reach $70,000 during today's trading session. However, the bulls faced challenges, with BTC barely hitting an intraday high of $69,891 in early Saturday trading.
As of the latest updates, BTC has seen a 2.28% decline in the past 24 hours, now sitting at $69,373. This downward trend follows a high of $73,600 reached earlier this week, marking a potential fourth consecutive day of losses if this trend continues.
Insights from Peter Brandt
Amidst the market fluctuations, veteran trader Peter Brandt has shared his thoughts on Bitcoin's price movement, tweeting a snapshot of the BTC weekly chart. While he didn’t delve into detailed analysis, the chart pattern he shared hints at a possible breakout for Bitcoin.
The pattern resembles a diagonal formation with slanted boundary lines, which Brandt has referenced in previous analyses, suggesting a target price of $97,056 upon breakout.
The $97,000 Target
A target of $97,000 represents an almost 38% increase from Bitcoin's current value. While this projection brings a sense of optimism, the journey to this target may not be straightforward, and market participants are closely monitoring Bitcoin's price action in the coming days.
In recent weeks, Bitcoin has been striving to surpass its all-time high of $73,750 achieved in March. However, Brandt cautions that the diagonal pattern might not yet indicate a definitive breakout.
According to Brandt, for Bitcoin to confirm a genuine breakout, it needs a decisive close above $76,000: "To be considered a for real breakout, price on the daily chart must close above 76,000 (ATR close above March high) and be confirmed." He further emphasizes that significant work remains, stating, "Looking at a weekly chart, this advance has only nicked important chart points. Lots of work still needs to be done."
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