Veteran trader Peter Brandt believes that Bitcoin has not yet experienced a true breakout, despite its recent gains. Brandt points to important structures and price points that Bitcoin must surpass in order to qualify as a legitimate breakout. While Bitcoin's recent push above $71,000 is a positive development, Brandt argues that it falls short of a confirmed breakout. He states that Bitcoin must achieve a daily close above $76,000, ideally confirmed at midnight UTC on a Sunday, in order to provide a strong weekly close and corroborate the upward momentum. Brandt also highlights the challenges of trading diagonal patterns with slanted boundaries, which are prone to false breakouts.

In addition, Brandt compares the trajectory of Bitcoin and Gold in terms of their fight against inflation. Bitcoin has struggled to surpass certain resistance levels over the past 42 months, indicating a lack of substantial progress. However, Brandt still believes that Bitcoin has the potential to outpace Gold in the long term.



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