{"id":1070,"date":"2024-10-30T19:13:08","date_gmt":"2024-10-30T19:13:08","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-needs-daily-close-above-76000-to-confirm-true-breakout-analyst\/"},"modified":"2024-10-30T19:13:08","modified_gmt":"2024-10-30T19:13:08","slug":"bitcoin-needs-daily-close-above-76000-to-confirm-true-breakout-analyst","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-needs-daily-close-above-76000-to-confirm-true-breakout-analyst\/","title":{"rendered":"Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst"},"content":{"rendered":"

Bitcoin (BTC) is closing in on its all-time high (ATH), bringing excitement among bulls. However, seasoned analyst Peter Brandt advises caution, urging bulls to stay excited yet avoid becoming dogmatic.<\/p>\n

Bitcoin Breakout Yet To Be Confirmed<\/h2>\n

After a lackluster start to October – a historically bullish month for Bitcoin – the digital asset is exchanging hands at $71,789, just about 3% shy of its March 2024 ATH of $73,737.\u00a0<\/p>\n

While the prospect of a new ATH has the crypto market on its feet, veteran analyst and trader Brandt thinks multiple conditions must be fulfilled to determine a confirmed breakout.<\/p>\n

In a post<\/a> published on X on October 29, Brandt cautioned BTC bulls against over-enthusiasm without technical confirmation of a breakout. <\/p>\n

Specifically, the analyst warned the bulls about the limitations of diagonal patterns – particularly those with slanted boundary lines – on trading charts.<\/p>\n

Brandt explained that although \u201cnicking\u201d of a boundary line might excite the bulls, it does not represent a confirmed breakout.\u00a0<\/p>\n

\"bitcoin\"<\/p>\n

For a breakout to be genuine, Brandt has set the target price at $76,000, stating that Bitcoin\u2019s daily chart needs to close above this level, with an average true range (ATR) measurement confirming this move above Bitcoin\u2019s previous high set in March.\u00a0<\/p>\n

For the uninitiated, the ATR is a technical analysis indicator that measures market volatility by calculating the average of true price ranges over a set period, typically 14 days. It reflects how much an asset moves, helping traders gauge potential price fluctuations and set more informed stop-loss or profit targets.<\/p>\n

Further, Brandt notes that such a breakout must be validated by a close on Sunday at midnight UTC, to ensure it is not a fake breakout that ends up trapping bullish investors.<\/p>\n

On the weekly chart, Brandt highlighted that Bitcoin\u2019s recent advance \u201chas only nicked important chart points,\u201d rather than breaking through with conviction.\u00a0<\/p>\n

The analyst concluded that BTC\u2019s price has a substantial journey ahead before decisively forming a new support level.<\/p>\n

Important To Overcome $71,000 – $73,000 Resistance Level<\/h2>\n

Another crypto analyst, 0xAmberCT, highlighted<\/a> the significance of the strong resistance zone around $71,000 to $73,000. However, the analyst shared several reasons why this time might be different.<\/p>\n

First, the high odds of victory for the Republican US presidential candidate Donald Trump might provide the much-needed fuel to the wider crypto market to start its Q4 2024 rally.<\/p>\n

At the time of writing, Polymarket gives<\/a> Trump a 66.5% chance of victory compared to Democratic candidate Kamala Harris\u2019 33.5%. A Trump win is a net positive for the digital assets industry.<\/p>\n

In addition, the recent interest rate cuts by the US Federal Reserve (Fed) and the heightened prospects of a \u201csoft-landing\u201d are expected to increase the market\u2019s risk-taking appetite. Risk-on assets like BTC are expected to benefit in a lower interest rate environment.<\/p>\n

The analysts\u2019 assessment aligns with Bitwise CIO Matt Hougan\u2019s prediction that BTC may \u201cmelt-up\u201d to $80,000 in Q4 2024.<\/p>\n

However, crypto analyst Cole Garner recently shared that BTC might head lower before achieving a new ATH due to tightening on-chain liquidity. BTC trades at $71,789 at press time, up 4% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is closing in on its all-time high (ATH), bringing excitement among bulls. However, seasoned analyst Peter Brandt advises caution, urging bulls to stay excited yet avoid becoming dogmatic. Bitcoin Breakout Yet To Be Confirmed After a lackluster start to October – a historically bullish month for Bitcoin – the digital asset is exchanging…<\/p>\n","protected":false},"author":1,"featured_media":1071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,55,58,61,62,238,697,96,736],"class_list":["post-1070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-rally","tag-btc","tag-btcusdt","tag-crypto-analysis","tag-crypto-asset","tag-digital-asset","tag-peter-brandt"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1070"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1071"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}