CandleFocus Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst
2024-10-30
Author: Content Editor
Bitcoin (BTC) is approaching its all-time high (ATH) and causing excitement among bulls. However, analyst Peter Brandt advises caution, stating that multiple conditions must be met for a confirmed breakout. Brandt warns against over-enthusiasm without technical confirmation and explains the limitations of diagonal patterns on trading charts. He sets the target price for a genuine breakout at $76,000 and highlights the importance of the average true range (ATR) measurement. The breakout must be validated by a Sunday midnight close to avoid trapping bullish investors. Another analyst points out the strong resistance zone around $71,000 to $73,000 but gives reasons why this time might be different, including the potential victory of Donald Trump in the US presidential election and recent interest rate cuts by the Federal Reserve. However, another analyst suggests that BTC may head lower before reaching a new ATH due to tightening on-chain liquidity. Currently, BTC is trading at $71,789.
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