Renowned trader discloses anticipated timing of Bitcoins genuine breakthrough
Bitcoin (BTC) has emerged from a seven-month decline and is now trading above the psychological resistance level of $70,000 since October 29. However, renowned chart trader Peter Brandt believes that this price action does not constitute a “true breakout” just yet.
In a recent post, Brandt expressed his bullish outlook on Bitcoin but cautioned against labeling it as a breakout. He explained that diagonal patterns are difficult to trade, and simply breaking out of the downtrend resistance line is not sufficient to qualify as a genuine breakout. Other indicators are required to confirm this.
Brandt stated, “When is a breakout really a breakout? Bitcoin bulls should be excited – but there are rules to determine breakouts.”
According to the experienced trader, Bitcoin will only experience a technical breakout once it surpasses the $76,000 level. This entails closing above the Average True Range (ATR) indicator and exceeding the all-time high from March. Additionally, Brandt emphasized that these conditions must hold until Sunday evening at midnight UTC, which aligns with the weekly time frame.
Based on this analysis, Brandt provided two potential price predictions for Bitcoin in a previous thread, contingent on the breakout. The most probable target, projected from the range lows to its highs, is $94,000. Brandt explained that there are various methods to determine targets, such as using semi-log or linear scale. He further suggested that a target of $235,000 could be achieved using other indicators and chart patterns, but he primarily focuses on one target at a time, with $94,000 being his primary goal.
As October draws to a close, Finbold released an exclusive report featuring BTC price predictions from various finance experts. The estimates ranged from $35,000 to $80,000, representing the most bearish and bullish scenarios, respectively.
This month’s conclusion also marks the end of “Uptober,” a term coined to highlight the historically positive nature of October. OpenAI’s AI model had predicted BTC’s trading range for the month to be between $80,800 and $83,900.
Meanwhile, Alan Santana maintains a short-term bearish outlook but believes that the significant psychological level of $100,000 is inevitable. Currently, Bitcoin is only 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. [Source: Shutterstock]