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BTC to $97,000? Peter Brandt Weighs In on Bitcoin Price

U.Today – Bitcoin, the first and largest cryptocurrency by market capitalization, attempted to reach $70,000 during today’s trading session, but bulls have yet to succeed. BTC barely reached an intraday high of $69,891 in early Saturday trade.

At the time of writing, BTC has fallen 2.28% in the previous 24 hours to $69,373, extending profit-taking from Tuesday’s high of $73,600. If today concludes in losses, BTC will have traded in the red for the fourth day in a row since reaching this high.

As the market considers Bitcoin’s next move, veteran trader Peter Brandt has weighed in on the price movement, tweeting “bitcoin current chart” and attaching a screenshot of the BTC weekly chart.

Although Brandt did not provide further analysis, the pattern highlighted in his tweet suggested a potential breakout for Bitcoin. The chart pattern depicted resembled a diagonal pattern with slanted boundary lines, which Brandt had previously indicated in one of his recent Bitcoin analyses, implying a target of $97,056 upon breakout.

Bitcoin to $97,000?

A $97,000 target would represent nearly a 38% increase in Bitcoin’s current value, and the path ahead may not be smooth. However, this target brings optimism, with the market keeping a close eye on Bitcoin’s price action in the coming days.

Bitcoin has made moves in recent weeks, attempting to surpass its current all-time high of $73,750 attained in March.

While the market is excited about a potential breakout, Brandt indicated in a late October analysis on X that Bitcoin’s diagonal pattern might not yet represent a breakout.

According to Brandt, “Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line, while exciting to bulls, does not represent a breakout.”

For Bitcoin to achieve a real breakout, Brandt indicated a decisive close above $76,000: “To be considered a for real breakout, price on the daily chart must close above 76,000 (ATR close above Mar high) and be confirmed.”

This, according to Brandt, still needs a lot of work to be done: “Looking at a weekly chart, this advance has only nicked important chart points. Lots of work still needs to be done.”

This article was originally published on U.Today

This post appeared first on investing.com

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