Following a 4% drop after Iran’s missile attack on Israel, Bitcoin fell to a two-week low of $60,300 before bouncing back to $61,800. As investors question whether the bear market has returned or if a rally is still on the horizon, experienced analysts Peter Brandt and Willy Woo have shared their latest evaluations.
Peter Brandt: Bull Market Needs Confirmation
Brandt points out that the recent rise in Bitcoin has not broken the 7-month-long trend of lower highs and lower lows. He emphasized that the upward movements seen since early 2023 have not yet been confirmed as a sustained bull run.
To officially signal a bull trend, Brandt says Bitcoin must close above $71,000. He stated, “A major bull trend will only start if Bitcoin closes above $71,000, reaching a new ATH.”
Willy Woo: Uptober May Not Happen
Adding his perspective, Willy Woo commented on Brandt’s post, expressing doubt about the anticipated October rise. He said, “I don’t think Uptober will happen.” Woo explained that while Bitcoin is attempting to move upward, its mid-term structure remains bearish. He added, “The ATH will take time.”
The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. $BTC
Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force pic.twitter.com/lFO9A20VPD— Peter Brandt (@PeterLBrandt) October 2, 2024
Woo predicts that the market may see a 1-3 week pause before the next upward attempt, stating that October, November, and December could be flat months, though he remains optimistic for the long term.
While Peter Brandt outlines a clear level for the confirmation of a bull trend, Willy Woo takes a more cautious approach, suggesting that the much-anticipated October rally might not materialize. Investors will need to keep a close watch on Bitcoin’s price movements and the overall market structure in the coming weeks.
