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Brandt Identifies Bitcoin Lower Highs, Shows Level BTC Must Breach to Begin Uptrend

Author: Content Editor
Bitcoin is currently at a critical point as it continues to trend lower, with signs of potential volatility ahead. Veteran trader Peter Brandt believes that Bitcoin needs to close above a key level to reverse its trend and start an uptrend. The cryptocurrency has been experiencing descending highs and lows over the past six months, with the latest high of $65,200 showing its struggle to break the upper resistance. Bitcoin's price chart also reveals an expanding triangle pattern, indicating increasing volatility and the possibility of a significant move. Brandt considers the $70,162 high on July 29 to be a crucial level, with a close above it potentially starting a bullish run. On the downside, support levels are at $53,219 and $49,130. The market currently seems to be in a consolidation phase, with Bitcoin trading at $63,574. Another market analyst, Colin, suggests that Bitcoin could reach $130,000 if it breaks the all-time high of $73,666. The current pattern could be interpreted as a cup and handle or an inverted cup and handle, but some argue it could also be a bull flag. Brandt agrees that it isn't a bull flag and suggests that a longer-term bullish trend could follow the violation of a bear channel.

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