Renowned trader discloses anticipated timing of Bitcoins true breakthrough
Bitcoin (BTC) has successfully broken free from a lengthy seven-month downtrend, surging above the significant psychological resistance level of $70,000 since October 29. However, renowned chart trader Peter Brandt believes that this price movement is not a true breakout just yet.
In a recent post, Brandt expressed his bullish bias on Bitcoin but cautioned against labeling it as a breakout. The experienced technical analyst emphasized the difficulty of trading diagonal patterns and stated that breaking out of the downtrend resistance line alone is not sufficient for a genuine breakout. Other indicators must also be considered.
Brandt outlined that Bitcoin will only experience a technical breakout once it surpasses the $76,000 level. This would entail closing above the Average True Range (ATR) indicator and the all-time high from March. Additionally, Brandt specified that these conditions must be met by Sunday evening at midnight UTC, confirming the weekly time frame.
In a previous thread, Brandt provided two Bitcoin price predictions contingent on the breakout. The most probable target, as analyzed, is $94,000, projected from the range lows to its highs.
Brandt also projected a stretch target of up to $235,000 using other indicators and chart patterns. Nevertheless, he emphasized that he primarily focuses on one target at a time and considers $94,000 to be the main goal.
As October draws to a close, Finbold published an exclusive report featuring insights and BTC price predictions from various finance experts. The predictions ranged from $35,000 to $80,000, representing the most bearish and bullish scenarios respectively.
This month’s conclusion will also mark the end of “Uptober,” a term that refers to the historically positive month for Bitcoin. OpenAI’s o1 price prediction forecasted BTC to trade between $80,800 and $83,900 during this period.
Meanwhile, Alan Santana maintains a short-term bearish bias but believes that the psychologically significant level of $100,000 is inevitable. At present, Bitcoin is approximately 2% away from its all-time high, and indicators suggest the potential for an incredible 12-month rally, according to another prominent trader.
Featured image: Spaxiax – October 29, 2024. [Image source: Shutterstock]
