bullish

2024

Bitcoin

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The price of&nbsp;<a href="https://u.today/blackrock-ceo-bitcoin-is-alternative-to-gold" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> showed an impressive result yesterday, rising 5.11% to $66,500, but more importantly, the rise took Bitcoin above a crucial resistance level, which was confirmed by a successful retest today. The pattern in which Bitcoin has been trading for the last six months seems to be in the past, and now BTC has new opportunities, but which one it will take has everyone guessing.
At this critical moment, renowned veteran trader Peter Brandt has shared his key prediction on Bitcoin’s price trajectory. Brandt pointed to a vital zone for Bitcoin around $68,000, where several important price points intersect.&nbsp;
<h2 dir="ltr" id="yellow-zone">Yellow zone</h2>
According to his analysis, unless&nbsp;<a href="https://u.today/satoshi-era-bitcoin-wallet-makes-another-major-move" rel="noopener noreferrer nofollow">Bitcoin</a> manages to close above this level, the supply side pressure may keep prices from rising further, with the possibility of the price moving sideways or even down again.
<blockquote>
 Chart without comment Yellow zone important for Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>Only allowing Verified Xs &amp; respectful follows to reply henceforth90% of non-verified are trolls who can only think as deeply as last priceBecome verified if you believe in <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@elonmusk</a>'s defense of free expression <a href="https://t.co/fiKvwtWsI0" rel="noopener noreferrer nofollow">pic.twitter.com/fiKvwtWsI0</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1846002399674036571?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 15, 2024</a>
</blockquote>
Brandt also noted that the current price pattern does not align with what many might call a "bull flag." Instead, he categorizes it as an inverted expanding triangle, which holds a different implication for Bitcoin’s short-term price action. His analysis suggests that Bitcoin's price movement may still face major resistance despite recent bullish activity.
While BTC has made progress, the upcoming days will be crucial in determining whether the cryptocurrency can solidify its position above this resistance zone or whether it will encounter renewed challenges. For now, traders and investors alike are closely watching the $68,000 level, which could signal the next phase for Bitcoin’s price movement.

Trading Legend Peter Brandt Unveils Crucial 'Yellow Zone' for Bitcoin

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