Veteran trader Peter Brandt believes that the recent rally of Bitcoin still isn’t enough to flip the long-term bearish trend. While BTC did have a brief surge, he insists it hasn’t reached the levels needed to confirm a bullish reversal.
Bitcoin needs to break $71,000 first and then confirm that, says Brandt. And while he claims this, other market analysts such as Jesse Colombo and Roman warn that geopolitical tensions and market patterns might bring BTC down even further.
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QCP Capital highlights cautious optimism, noting that the recent sell-off appears shallow, suggesting potential for recovery. As more major traders take time to think about it, Michal van de Poppe thinks this pullback is short-term and would look forward to a retest of $60,000 support before Bitcoin makes a strong rebound.
For more than seven months now, Bitcoin has traded in a downtrend with consecutive lower highs and lower lows reinforcing bearish sentiment. Even though the short-lived optimism had some toe-hold moments, according to Brandt’s chart work, the larger pattern isn’t altered. BTC must break through the higher levels of resistance at hand before a shift to the bullish side can be seen.
Resistance Levels Holding Bitcoin Back
According to Brandt, Bitcoin is caught between two very important levels of resistance. The first is at $70,600, while the second and the all-time high of Bitcoin is at $73,800. Both marks have capped the upward movement repeatedly, and thus, they are a must for Bitcoin’s next major move. Since Bitcoin is unlikely to convincingly break above $71,000, the asset is likely going to stay in its current consolidation scenario, Brandt believes.
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
Roman is also one of the very popular crypto traders with a similar opinion. He noticed that any increases in volume along with price drops usually prove to confirm a strong downtrend. Roman believes that Bitcoin will test the $55,000-$57,000 range before any hope of reversal, which again puts emphasis on struggling to break through at those resistance levels.
Moving Averages And Market…
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