As Bitcoin (BTC) continues its battle around the $64,000 mark, many are left wondering if a price explosion is on the horizon. While several analysts point to data suggesting a bullish turn for BTC, legendary analyst Peter Brandt has finally spoken up, outlining the critical level that must be surpassed to ignite an upward trend.
The Key Level to Watch
According to Brandt, Bitcoin is currently in a pattern of lower highs and lower lows, a signal of a bearish trend. He emphasizes that for Bitcoin to enter a bullish rally, it needs to close meaningfully above $70,162. This is the crucial point that would break the pattern and potentially start a sustained upward movement.
Brandt also explained that Bitcoin’s struggle to surpass previous highs, including the most recent resistance at $65,200, further indicates bearish tendencies. However, he remains hopeful that a close above the $70,162 level, which marked the July high, could flip the current trend and lead to a bullish rally.
Bitcoin ($BTCUSD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the Jul highs would change this sequence and official complete the 6-month expanding triangle pic.twitter.com/GaSBWZRoE6
— Peter Brandt (@PeterLBrandt) September 25, 2024
The Risk of Further Decline
On the flip side, Brandt warns that a dip below $49,130 could reinforce the bearish trend. Should Bitcoin fail to break above the key resistance, a fall to this support level would likely extend the downtrend.
The analysis from this veteran trader has captured attention as Bitcoin remains at a pivotal point in its price action. Brandt’s insights suggest that while a rally is possible, BTC needs to overcome significant resistance before any sustained bullish momentum can take hold.
