CandleFocus Market Veteran Brandt Identifies When Bitcoin Could Break Out of the Ongoing Consolidation
2025-02-21
Author: Content Editor
Bitcoin is currently trading within a consolidation phase, but veteran trader Peter Brandt has identified a critical moment for Bitcoin between February 24 and 26 that could determine its next major move. Brandt's analysis suggests that the price has exhibited "internal symmetry" and is preparing for a breakout in either direction. He does not favor any specific direction, but notes that a breakout above $106,000 resistance could trigger a strong rally, while a fall below $90,500 could result in a sell-off. Other analysts also highlight the declining volatility and the need for a significant event to push Bitcoin out of its current phase. Trader Don Alt sees $99,000 to $101,000 as the last major resistance before Bitcoin enters price discovery, and analyst Cas Abbé believes Bitcoin is in a Wyckoff Distribution phase with a short-term target at $120,000 before another consolidation phase. Bitcoin is currently trading at $97,784.
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