bullish

2024

Bitcoin

As <a href="https://www.turkishnyradio.com/bitcoin-long-short-liquidation-alert-3-billion-liquidation-threat-looms/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (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.
<h2 id="the-key-level-to-watch">The Key Level to Watch</h2>
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 $70,162 level, which marked the July high, could flip the current trend and lead to a bullish rally.
<blockquote class="twitter-tweet">
 Bitcoin ($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 <a href="https://t.co/GaSBWZRoE6" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/GaSBWZRoE6</a>
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1839061041323642886?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">September 25, 2024</a>
</blockquote>
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<h2 id="the-risk-of-further-decline">The Risk of Further Decline</h2>
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.

Veteran Analyst Peter Brandt Breaks Silence! “A Close Above This Level Will Trigger a Bitcoin Rally!”

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