Bitcoin (BTC) has broken out of a seven-month downtrend, trading above the $70,000 psychological resistance since early October 29. However, the legendary chart trader Peter Brandt explained this price action is not a “real breakout” yet.
In a post made this morning, Peter Brandt defended a bullish bias on Bitcoin but warned about the so-called breakout. The experienced technical analyst said diagonal patterns are hard to trade. On that note, breaking out of the downtrend resistance line is not enough for a real breakout, requiring other indicators.
“When is a breakout really a breakout? Bitcoin bulls should be excited – but there are rules to determine breakouts.”
– Peter Brandt
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According to the legendary trader, Bitcoin will only have a technical breakout after surpassing the $76,000 level. This would represent a close above the Average True Range (ATR) indicator and a close above March’s all-time high. Moreover, Brandt categorically said it all must hold until Sunday evening at midnight UTC, confirming the weekly time frame.
Bitcoin price prediction after a real breakout
In this context, Peter Brandt had provided two Bitcoin price predictions in a previous thread, conditioned to the breakout. As analyzed, the most likely target is $94,000 after a breakout, projected from the range lows to its highs.
“There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used. Target of 94,000 is measured move of triangle projected from breakout level on semi-log.”
– Peter Brandt
Additionally, the legendary trader also projected a target up to $235,000 using other indicators and chart patterns. Nevertheless, Brandt said he considers this a stretch, eyeing primarily $94,000, focusing on “one target at a time.”
As October nears its end, Finbold published an exclusive report with insights and BTC price predictions from other finance experts. The analyses varied, ranging from $35,000 to $80,000 in the most bearish and bullish scenarios, respectively.
This month’s conclusion will also mark the end of “Uptober,” reminding us of OpenAI’s o1 price prediction for the historically positive month. As Finbold reported, the advanced artificial intelligence (AI) model forecasted BTC would trade between $80,800 and $83,900.
Meanwhile, Alan Santana holds a short-term bearish bias while considering the remarkable psychological level of $100,000 as guaranteed. By press time, Bitcoin is approximately 2% away from its all-time high, with indicators suggesting an “incredible 12-month rally,” according to another prominent trader.
Featured image:
Spaxiax – October 29, 2024. Digital Image. Shutterstock.
