Prominent Trader Brandt Names Pivotal Level That Bitcoin Bulls Have to Reclaim

As an analyst with over three decades of experience in commodity trading and a keen eye for market trends, Peter Brandt’s insights carry significant weight in the crypto community. His focus on technical analysis, particularly the importance of key levels such as $71,000 in Bitcoin’s price action, is a testament to his deep understanding of market dynamics.


Peter Brandt, a well-known figure in the world of commodity trading, has expressed his views on Bitcoin‘s recent price decrease, stating that for the bullish trend to resume, the price should surpass the $71,000 mark once more.

Despite a strong surge in its value during September, the leading cryptocurrency didn’t disrupt or break the ongoing trend of successive lower peaks and troughs that had persisted for about seven months.

As per Brandt’s analysis, if the price surpasses the previously mentioned level significantly, it suggests that the bullish momentum from November 2022’s low will continue to be strong. At present, Bitcoin is 16% lower than its all-time high of approximately $74,000 reached in March.

 

The bullish trend would still have to be confirmed by a new record high. 

Today, the primary digital currency experienced a significant dip to around $60,315 earlier, primarily influenced by global political concerns. However, as per CoinGecko’s latest reports, it is now being traded at $61,488.

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2024-10-02 09:23