U.Today – the first and largest cryptocurrency by market capitalization, tried to reach $70,000 during today’s session, but the bulls have not yet managed to do so. BTC barely touched an intraday high of $69,891 at the start of Saturday trading.
At the time of writing, BTC has fallen 2.28% in the last 24 hours to $69,373, extending profit-taking from Tuesday’s high of $73,600. If today ends in losses, BTC will trade in the red for the fourth straight day since hitting this high.
As the market considers Bitcoin’s next move, veteran trader Peter Brandt weighed in on the price movement, tweeting “Bitcoin current chart” and attaching a screenshot of BTC’s weekly chart.
While Brandt did not provide further analysis, the pattern highlighted in his tweet suggested a potential Bitcoin breakout. The chart pattern shown resembled a diagonal pattern with diagonal breakout lines, which Brandt had previously indicated in one of his recent Bitcoin analysis, suggesting that the target would reach $97,056 following a breakout.
Bitcoin to $97,000?
A target of $97,000 would represent a nearly 38% raise in Bitcoin’s current value, and the future may not be silky. However, this goal is encouraging, and the market will be closely watching Bitcoin’s price action in the coming days.
Bitcoin has made some moves in recent weeks as it tries to surpass its current all-time high of $73,750 achieved in March.
While the market is excited about a potential breakout, Brandt indicated in an X analysis in slow October that Bitcoin’s diagonal pattern may not signal a breakout yet.
According to Brandt, “diagonal formations with sloping boundary lines are difficult to trade because crossing the boundary line, while exciting for bulls, does not constitute a breakout.”
For Bitcoin to make a true breakout, Brandt pointed to a decisive close above $76,000: “In order for the price to be considered a true breakout, the price on the daily chart must close above 76,000 (ATR close above the March high) and be confirmed.”
According to Brandt, there is still a lot of work to be done: “Looking at the weekly chart, this progress has only resulted in the loss of important points on the chart. There is still a lot of work to be done.”
