Bitcoin is seeking to rise after recently attempting to reach $70,000. Currently trading at $69,373, it has experienced a decline of 2.28% over the last 24 hours, and expert trader Peter Brandt suggests a potential breakout target of $97,056. However, for a confirmed breakout, Bitcoin needs to close above $76,000.

Bitcoin, the pioneering digital currency, has demonstrated considerable fluctuations recently, with its price attempting to soar to $70,000 during today’s trading activity. Although the cryptocurrency reached an intraday high of $69,891 earlier in the day, it has since faced some setbacks, slipping 2.28% in the past 24 hours to settle at $69,373. This decline follows a profit-taking trend initiated after surging to a high of $73,600 earlier this week. If the current trading day concludes on a low note, it will mark the fourth consecutive day of decline for Bitcoin since reaching that peak. In the midst of this volatility, esteemed trader Peter Brandt provided his insights on Bitcoin’s price movement through a recent tweet. He posted an image of Bitcoin’s weekly chart, suggesting a notable potential for a breakout. Though Brandt refrained from elaborating further, the chart he referenced seemed to depict a diagonal pattern with slanted boundaries, which indicates a potential target price of $97,056 should a breakout occur. Achieving this price level signifies an approximate 38% increase from Bitcoin’s current valuation, instilling a sense of optimism among market participants regarding Bitcoin’s prospective trajectory in the upcoming days. Bitcoin has been actively attempting to exceed its all-time high of $73,750, recorded back in March. Nevertheless, while the market appears enthusiastic about the possibility of a breakout, Brandt cautioned in a previous analysis in late October that the current diagonal formation may not yet substantiate a definitive breakout. He elucidated, “Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line, while exciting to bulls, does not represent a breakout.” Furthermore, for Bitcoin to establish a genuine breakout, Brandt asserts that a decisive close above $76,000 is mandatory, noting that “to be considered a for real breakout, price on the daily chart must close above 76,000 (ATR close above Mar high) and be confirmed.” He indicated that substantial effort is needed as the weekly chart reveals that this advancement has merely grazed critical chart points, signifying that further work remains essential before achieving significant price movement.

The cryptocurrency market has been experiencing heightened volatility recently, particularly with Bitcoin, which is the largest cryptocurrency by market capitalization. Traders closely monitor such significant price levels due to implications for potential future movements in the market. Veteran trader Peter Brandt is well-regarded for his technical analysis and insights into market patterns, making his commentary on Bitcoin’s price movements particularly impactful within the trading community. As Bitcoin looks to break its previous all-time highs, analysts are focused on critical price levels and chart patterns that could indicate future direction.

In summary, Bitcoin’s recent price activity reflects a complex interplay of market sentiment and technical analysis, with the cryptocurrency aiming to breach substantial price levels. While Peter Brandt’s assessment raises hopes for a potential breakout to $97,000, he emphasizes the necessity of closing above $76,000 for a genuine movement. As traders await further developments, the landscape remains unpredictable, underscoring the importance of diligent market analysis and strategic decision-making.

Original Source: u.today

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