As Bitcoin (BTC) continues its struggle for $64,000, it is wondered whether there will be a price breakout.
While analysts stated that the data indicated an increase in BTC, legendary analyst Peter Brandt broke his silence and explained the level that must be exceeded for the uptrend to begin.
Noting that Bitcoin is in the process of forming a series of lower highs and lower lows, Peter Brandt said that the price needs to rise above $70,162 for an uptrend.
Stating that Bitcoin's pattern of lower highs and lower lows indicates a bearish trend, the analyst argued that BTC is at a critical point.
According to Brandt, the only thing that could change this pattern would be for Bitcoin to make a meaningful close above its July peak of $70,162.
Brandt said that Bitcoin’s failure to surpass previous highs indicates that it is in a bearish trend, adding that Bitcoin is still struggling to break the recent high of $65,200, which forms the first upper resistance of the descending triangle.
As a result, the veteran analyst says that a solid close above the July high of $70,162 could disrupt the prevailing downtrend and potentially start an uptrend.
Conversely, a drop below the $49,130 support level is likely to strengthen the continuation of the downtrend.
Bitcoin ($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
*This is not investment advice.
