Bitcoin, the first and largest cryptocurrency by market capitalization, attempted to reach $70,000 during today's trading session, but bulls have yet to succeed. BTC barely reached an intraday high of $69,891 in early Saturday trade.
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 in losses, BTC will have traded in the red for the fourth day in a row since reaching this high.
As the market considers Bitcoin's next move, veteran trader Peter Brandt has weighed in on the price movement, tweeting "bitcoin current chart" and attaching a screenshot of the BTC weekly chart.
Although Brandt did not provide further analysis, the pattern highlighted in his tweet suggested a potential breakout for Bitcoin. The chart pattern depicted resembled a diagonal pattern with slanted boundary lines, which Brandt had previously indicated in one of his recent Bitcoin analyses, implying a target of $97,056 upon breakout.
Bitcoin to $97,000?
A $97,000 target would represent nearly a 38% increase in Bitcoin’s current value, and the path ahead may not be smooth. However, this target brings optimism, with the market keeping a close eye on Bitcoin’s price action in the coming days.
Bitcoin has made moves in recent weeks, attempting to surpass its current all-time high of $73,750 attained in March.
While the market is excited about a potential breakout, Brandt indicated in a late October analysis on X that Bitcoin's diagonal pattern might not yet represent a breakout.
According to Brandt, "Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line, while exciting to 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 for real breakout, price on the daily chart must close above 76,000 (ATR close above Mar high) and be confirmed."
This, according to Brandt, still needs a lot of work to be done: "Looking at a weekly chart, this advance has only nicked important chart points. Lots of work still needs to be done."