Bitcoinpricehitanewhightoday,surgingpast$72,000andpushingallBTCholders’addressesintoprofitforthefirsttime.Atonepoint,theflagshipcryptoeventouchedthe$73,000markbeforeexperiencingabriefpullback,suggestingsomeresistanceatthislevel.Moreover,thisrallyhasputallBTCholdersinprofit.
BitcoinPriceSurge&Analysis
Atpresstime,theBTCpricesurged3.30%to$72,203.72onTuesday,October29.Moreover,Bitcoinhitahighof$73,577.21,whichisveryclosetoitsall-timerecordedearlierinMarch2024.Also,accordingtoIntoTheBlockdata,100%ofthe53.94millionBTCaddressesare“currentlyinprofit.”
PeterBrandt,awell-knowntraderandcryptoanalyst,commentedontherecentbullishmovementinapostonX.BrandtemphasizedthatwhilerecentBitcoinpricerallyispromising,investorsshouldexercisecautionwheninterpretingitasafull-fledgedbreakout.“Bitcoinbullsshouldbeexcited–buttherearerulestodeterminebreakouts,”Brandtwrote.
Brandtexplainedthechallengesassociatedwithdiagonalpricepatterns,whichtendtohaveslantedboundarylines.Accordingtohim,thesepatternsarenotoriouslydifficulttotradeastheycancreatefalsesignalsofabreakout.Hecautioned,“Thenickingofaboundaryline–whileexcitingtobulls–doesNOTrepresentabreakout.”
AllBitcoinholdersarecurrentlyinprofitpic.twitter.com/mLoTQlXZLM
—IntoTheBlock(@intotheblock)October29,2024
ForBitcoinpricetoestablishatruebreakout,Brandtsuggeststhatitmustcloseabove$76,000onthedailychart.Additionally,hepointedoutthatsuchacloseshouldbeconfirmedonaSundayatmidnightUTC.“Tobeconsidereda‘forreal’breakout,priceonthedailychartMUSTcloseabove$76,000(ATRcloseaboveMarhigh)andbeconfirmedonaSundayeveningatmidnightUTC,”hestated.
Brandt’sremarksunderscorehisbeliefthatthecryptocurrency’srallyhasonly“nickedimportantchartpoints”sofar,ratherthansurpassingthemdecisively.“Bitcoinbulls,beexcited,butdon’tbedogmatic,”headvised,suggestingthattherecentupwardmovementisnotyetenoughtoconfirmasoliduptrendontheweeklychart.
Withthecryptocurrencymarketridingawaveofoptimism,Bitcoin’snextcriticalresistanceat$76,000mayultimatelydeterminewhethertherecentgainsmarkthebeginningofasustainedrally.Fornow,BTCinvestorsarehopefulbutheedingBrandt’sadvicetotempertheirexpectations.
cryptonewsz.com