bullish

United

Bitcoin

<p>The famous trader Peter Brandt recently warned against the excessive optimism surrounding the latest Bitcoin rally. According to Brandt, although BTC has seen a notable rise, this climb was not enough to reverse the long-term bearish structure characterized by lower highs and lower lows.</p>
<h2 id="h-bitcoin-still-in-danger-despite-the-recent-rise">Bitcoin still in danger despite the recent rise</h2>
<p>Despite the brief <a href="https://www.cointribune.com/en/bitcoin-up-22-coinbase-prime-announces-a-powerful-bull-run/" target="_blank" rel="noopener noreferrer nofollow">rise in BTC</a>, Peter Brandt points out that the crypto queen has yet to break through the levels needed to confirm a trend reversal. According to him, a major bullish change will only occur if bitcoin can close above $71,000 and set a new all-time high.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Furthermore, the accompanying chart reveals that BTC has been in a constant downtrend for over seven months. This pattern presents lower highs and lower lows, signaling a persistent bearish sentiment.</p>
<p>Additionally, <a href="https://x.com/peterlbrandt/status/1841270939901911145?s=46&amp;t=zj7ICl0Lw9vdTKh741lFIQ" target="_blank" rel="noopener noreferrer nofollow">Brandt identifies two major resistance levels</a> on the weekly chart that BTC’s price has failed to surpass. The first is around $70,602, while the second, a higher resistance, is at $73,808, the current all-time high. These levels have acted as major barriers to bullish momentum, halting Bitcoin’s advance multiple times. Without breaking these levels, the market is likely to continue its consolidation phase.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noopener noreferrer nofollow">Discover the Bitpanda platform</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-is-the-outcome-near">Is the outcome near?</h2>
<p>Bitcoin’s downtrend could reverse with the upcoming election of a new president in the United States. A change in leadership could bring new economic policies favorable to cryptocurrencies, thereby boosting investor confidence and potentially reversing the current trend and propelling BTC towards $80,000.</p>
<p>In conclusion, although the recent <a href="https://www.cointribune.com/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC rally</a> may have brought some optimism, it is essential to remain cautious. Bitcoin’s long-term bearish structure has yet to be broken, and investors must keep in mind the critical levels identified by experts like Peter Brandt. By staying informed and relying on solid technical analysis, they can navigate the tumultuous waters of the crypto market more calmly.</p>

Bitcoin Is Not Yet At The End Of Its Troubles! When Will It Come To An End?

Table of Contents

Cointribune EN

Other articles published on Oct 2, 2024

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Bitcoin ETFs Marks Biggest Outflow Amid Israel-Iran Tensions

Hedera Becomes Founding Premier Member of Linux Foundation’s New Decentralized Trust Initiative

Vana Secures $25M in Funding to Overcome AI Data Wall

FTX Fraud: Caroline Ellison Sentenced to 2 Years in Prison

October Magic: Will Cardano and Toncoin Repeat Past Performance?

Join our free newsletter for daily crypto updates!