U.Today – Bitcoin Market Analysis

Bitcoin, the largest cryptocurrency by market capitalization, attempted to reach $70,000 during today’s trading session but has not succeeded. BTC peaked at $69,891 in early Saturday trading.

As of now, BTC has dropped 2.28% over the last 24 hours to $69,373, continuing a pattern of profit-taking since Tuesday's high of $73,600. If this trend persists, BTC will end the day in the red for the fourth consecutive day since hitting this high.

Veteran trader Peter Brandt shared insights into Bitcoin's price movement on Twitter, posting a screenshot of the BTC weekly chart with the comment "bitcoin current chart." Although he didn't provide a detailed analysis, the chart pattern suggested a potential breakout, resembling a diagonal pattern with slanted boundary lines. In previous analyses, Brandt had indicated a target of $97,056 upon breakout.

Bitcoin to $97,000?

Achieving a target of $97,000 would signify a nearly 38% increase from Bitcoin’s current value. However, the journey towards this goal may be challenging, and markets are closely monitoring Bitcoin’s price action.

Bitcoin has recently attempted to surpass its all-time high of $73,750 achieved in March. While excitement around a potential breakout grows, Brandt noted in a late October analysis that Bitcoin's diagonal pattern may not yet indicate a definitive breakout.

Brandt emphasized the difficulty in trading diagonal patterns, stating that while touching a boundary line may excite bulls, it does not equal a breakout. For a legitimate breakout, he suggested that BTC must close decisively above $76,000:

> "To be considered a for real breakout, price on the daily chart must close above 76,000 (ATR close above Mar high) and be confirmed."

Brandt concluded that substantial effort is still required:

> "Looking at a weekly chart, this advance has only nicked important chart points. Lots of work still needs to be done."

This article was originally published on U.Today.