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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst

Ash Tiwari
Ash Tiwari
11 months ago
3 mins read
bitcoin

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Bitcoin (BTC) is closing in on its all-time high (ATH), bringing excitement among bulls. However, seasoned analyst Peter Brandt advises caution, urging bulls to stay excited yet avoid becoming dogmatic.

Bitcoin Breakout Yet To Be Confirmed

After a lackluster start to October – a historically bullish month for Bitcoin – the digital asset is exchanging hands at $71,789, just about 3% shy of its March 2024 ATH of $73,737. 

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While the prospect of a new ATH has the crypto market on its feet, veteran analyst and trader Brandt thinks multiple conditions must be fulfilled to determine a confirmed breakout.

In a post published on X on October 29, Brandt cautioned BTC bulls against over-enthusiasm without technical confirmation of a breakout.

Specifically, the analyst warned the bulls about the limitations of diagonal patterns – particularly those with slanted boundary lines – on trading charts.

Brandt explained that although “nicking” of a boundary line might excite the bulls, it does not represent a confirmed breakout. 

bitcoin
Source: X

For a breakout to be genuine, Brandt has set the target price at $76,000, stating that Bitcoin’s daily chart needs to close above this level, with an average true range (ATR) measurement confirming this move above Bitcoin’s previous high set in March. 

For the uninitiated, the ATR is a technical analysis indicator that measures market volatility by calculating the average of true price ranges over a set period, typically 14 days. It reflects how much an asset moves, helping traders gauge potential price fluctuations and set more informed stop-loss or profit targets.

Further, Brandt notes that such a breakout must be validated by a close on Sunday at midnight UTC, to ensure it is not a fake breakout that ends up trapping bullish investors.

On the weekly chart, Brandt highlighted that Bitcoin’s recent advance “has only nicked important chart points,” rather than breaking through with conviction. 

The analyst concluded that BTC’s price has a substantial journey ahead before decisively forming a new support level.

Important To Overcome $71,000 – $73,000 Resistance Level

Another crypto analyst, 0xAmberCT, highlighted the significance of the strong resistance zone around $71,000 to $73,000. However, the analyst shared several reasons why this time might be different.

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Bitcoin Options Traders See $80,000 BTC By November End, US Election Outcome Irrelevant

11 months ago

First, the high odds of victory for the Republican US presidential candidate Donald Trump might provide the much-needed fuel to the wider crypto market to start its Q4 2024 rally.

At the time of writing, Polymarket gives Trump a 66.5% chance of victory compared to Democratic candidate Kamala Harris’ 33.5%. A Trump win is a net positive for the digital assets industry.

In addition, the recent interest rate cuts by the US Federal Reserve (Fed) and the heightened prospects of a “soft-landing” are expected to increase the market’s risk-taking appetite. Risk-on assets like BTC are expected to benefit in a lower interest rate environment.

The analysts’ assessment aligns with Bitwise CIO Matt Hougan’s prediction that BTC may “melt-up” to $80,000 in Q4 2024.

However, crypto analyst Cole Garner recently shared that BTC might head lower before achieving a new ATH due to tightening on-chain liquidity. BTC trades at $71,789 at press time, up 4% in the past 24 hours.

bitcoin
BTC trades at $71,789 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, Charts from X and Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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