Greed

bullish

Bitcoin

Time

<ul> 
 <li aria-level="1">Peter Brandt identifies $71,000 as the critical level for Bitcoin to confirm continuation of its bullish trend.</li> 
 <li aria-level="1">Analyst Willy Woo predicts a cooling-off period for Bitcoin, suggesting a cautious market outlook for the next weeks.</li> 
</ul> 
Peter Brandt, recently commented on Bitcoin’s price, indicating that a sustained push above $71,000 is crucial for confirming the cryptocurrency’s bullish momentum.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force <a href="https://t.co/lFO9A20VPD">pic.twitter.com/lFO9A20VPD</a> 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1841270939901911145?ref_src=twsrc%5Etfw">October 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Despite a notable rally in September, Bitcoin’s price pattern has not escaped a seven-month trend of lower highs and lower lows. Brandt suggests that only a close above $71,000, coupled with a <a href="https://www.ethnews.com/coinbase-predicts-record-breaking-quarter-for-bitcoin-heres-why/">new all-time high</a>, would solidify the trend that began from its November 2022 low. 
Currently, Bitcoin remains 16% below its peak of nearly $74,000, reached in March. The digital currency experienced a sharp decline to $60,315 earlier today amid geopolitical tensions, as we <a href="https://www.ethnews.com/breaking-bitcoin-plunges-below-63k-find-out-why-investors-are-rushing-to-gold/">reported on ETHNews</a>.&nbsp; According to ETHNews data. As of now, it trades at approximately $61,488. 

<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The path to recovery is fraught with uncertainty. <a href="https://www.ethnews.com/is-bitcoin-about-to-hit-an-all-time-high-heres-what-you-need-to-know/">ETHNews Analysts</a> point out that the cryptocurrency’s chart structure is hesitant to enter bullish territory, with a return to its all-time high of $73,679 potentially more protracted than some optimists expect.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Structure mid term is bearish moving to neutral and trying to get bullish. ATH will take time. 
 Short term structure suggests 1-3 wks stand down to cool off before the next bullish attempt. 
 I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties. 
 Long term… 
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1841287636805439788?ref_src=twsrc%5Etfw">October 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
“The mid-term structure is bearish, shifting to neutral and trying to turn bullish. A new all-time high will take time” stated Willy Woo, in a recent X post. 
Woo anticipates that Bitcoin may undergo a cooling-off period over the next one to three weeks, setting the stage for another bullish push. However, he tempers expectations for the immediate future: 
&nbsp;“I don’t expect an ‘Uptober’; rather, a sideways October, and then November-December could be times for cautious optimism” he added. 
Further compounding the market’s nervousness, the <a href="https://alternative.me/crypto/fear-and-greed-index/">Crypto Fear &amp; Greed Index</a> has recently moved from “Greed” to “Fear,” dropping 8 points to a score of 42, reflecting growing investor apprehension. 
<figure id="attachment_97035" aria-describedby="caption-attachment-97035" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-97035" src="https://www.ethnews.com/wp-content/uploads/2024/10/btc-crypto-fear.png" alt="" width="1148" height="526">
 <figcaption id="caption-attachment-97035" class="wp-caption-text">
 Crypto Fear &amp; Greed Index Over Time – Source: alternative.me/
 </figcaption>
</figure> 
This shift in sentiment coincided with a drawdown in Bitcoin’s value, which triggered approximately $128.49 million in liquidations of long positions. 
This volatility follows a period of robust performance where Bitcoin surged 25% over 21 days, reaching a high of $66,331 on September 27, before it began to consolidate and retrace back toward $60,000. 
<h2 id="b-brandt-s-analysis-underscores-a-critical-junction-for-bitcoin-b">Brandt’s analysis underscores a critical junction for Bitcoin</h2> 
He asserts that without a definitive break above $71,000 and a new record high, it is premature to declare the continuation of the bullish trend from late 2022. 
<figure id="attachment_97044" aria-describedby="caption-attachment-97044" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-97044" src="https://www.ethnews.com/wp-content/uploads/2024/10/GY2CF-VbsAAOqQm-1.jpeg" alt="" width="900" height="506">
 <figcaption id="caption-attachment-97044" class="wp-caption-text">
 Source: @PeterLBrandt
 </figcaption>
</figure> 
The coming weeks will be crucial for traders and investors watching to see if Bitcoin can regain its former strength or if it continues to grapple with market uncertainty. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Bitcoin (BTC) is currently priced at $60,618.79, down 3.57% for the day, with its price fluctuating between $60,618.79 and $61,886.57. Over the past year, it has traded between $26,558.32 and $73,750.07. With a market capitalization of $1.198 trillion and a 24-hour trading volume of $51.67 billion, Bitcoin’s circulating supply stands at 19.76 million. 
The post <a href="https://www.ethnews.com/can-bitcoin-overcome-the-71k-hurdle-to-launch-its-bull-run/">Can Bitcoin Overcome the $71K Hurdle to Launch Its Bull Run?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Can Bitcoin Overcome the $71K Hurdle to Launch Its Bull Run?

Table of Contents

ETHNews

Other articles published on Oct 2, 2024

7 Best Meme Coins to Buy this October for 10x Gains

Top cryptocurrencies to consider: Solana, Binance Coin, Cardano, and Rollblock

Kraken Expands European Reach with Acquisition of Dutch Crypto Broker BCM

Bitcoin Vs Gold: Which Is More Stable? Bitwise CIO Weighs In

Weekly Article Recap: 9/23-9/27

Wall Street Hedge Fund Takes Entry in Crypto; Onchain Trends Show Accumulation of These 3 Altcoins

Join our free newsletter for daily crypto updates!