CandleFocus Peter Brandt: $72K is Key for Bitcoin to Validate Higher Price Targets
2024-10-17
Author: Content Editor
The ongoing Bitcoin uptrend is causing speculation among market watchers about whether the cryptocurrency will continue to rise or experience a bearish market. Global macro investor Raoul Pal warns that Bitcoin must convincingly break the $70,000 price level to demonstrate solid upward momentum. Veteran market watcher Peter Brandt argues that Bitcoin needs to surpass $72,000 before higher price targets become valid. Analysis shows that Bitcoin has faced resistance near the $70,000 level in the past, with each failed attempt resulting in a significant downturn. Analysts suggest that if Bitcoin fails to close the week above $68,000, it could experience a price crash of over 30%. Overheated calls for the $70,000 level are considered a bearish signal by intelligence platform Santiment. As of now, Bitcoin has reached $68,375 and is hovering around $67,500, just 3.7% away from reaching $70,000.
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