U.Today – , the first and largest cryptocurrency by market capitalization, attempted to reach $70,000 during today's trading session, but the bulls have not achieved it yet. BTC barely hit an intraday high of $69,891 in early trading on Saturday.
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 with losses, BTC will have traded in the red for the fourth consecutive day since reaching this high.
As the market considers Bitcoin's next move, veteran trader Peter Brandt has weighed in on the price movement, tweeting “current bitcoin chart” and attaching a screenshot of the weekly BTC chart.
Although Brandt did not provide further analysis, the pattern highlighted in his tweet suggested a possible breakout for Bitcoin. The chart pattern depicted resembled a diagonal pattern with sloping boundary lines, which Brandt had previously indicated in one of his recent Bitcoin analyses, implying a target of $97,056 at the time of the breakout.
Bitcoin at $97,000?
A target of $97,000 would represent almost a 38% increase in Bitcoin's current value, and the path forward may not be easy. However, this goal generates optimism, and the market will closely monitor Bitcoin price action in the coming days.
Bitcoin has made moves in recent weeks, attempting to surpass its current all-time high of $73,750 reached in March.
While the market is excited about a potential breakout, Brandt indicated in an analysis of X in late October that Bitcoin's diagonal pattern might not yet represent a breakout.
According to Brandt, “diagonal patterns with sloping boundary lines are difficult to trade because the cut of a boundary line, while exciting for 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 real breakout, the price on the daily chart must close above 76,000 (ATR close above March high) and be confirmed”.
This, according to Brandt, still needs a lot of work to be done: “On the weekly chart, this advance has only dented important points on the chart. There is still a lot of work to do.”
This article was originally published on U.Today.
