MarketveteranPeterBrandtidentifiesanimportantpricelevelthatBitcoinneedstobreachtobreakthecurrentrange-boundstructure.
inthelatestnewsaboutBitcoin,Thetoptrader’sanalysiscallsattentiontoseveralpricepointsandstructures,suggestingthatBitcoinisapproachinganimportantzone.Thisareacoulddeterminewhetherthepricemovesupwardorsuccumbstofurtherconsolidationordecline.
BitcoinStruggles
Thechartshowsadownward-slopingchannelthathasdefinedBitcoin’smovementsinceQ12024.Thischannelhaskeptthepricefluctuatingwithinarangeassupportandresistancelevelsformed.
Bitcoin1DChart|PeterBrandt
Themostsignificantamongtheselevelsisaround$68,224,whichBrandtidentifiesasa“junctionofimportantchartpoints.”Bitcoin’smovementthroughthiszoneisextremelyimportant.
Brandtcalledthestructureaninvertedexpandingtriangleratherthanatraditionalbearflag.Notably,thistriangleformationcouldsuggestanimpendingbreakout–butonlyifthepricemanagestobreachtheresistanceat$68,224.Untilthishappens,Bitcoinremainsvulnerabletomoredownwardpressure.
Thepremiercryptoassethasattemptedtobreakfreemultipletimes,buteachbreakouthasfailedtohold.Thishascreatedabearishscenariowheresupplypressurespreventsustainedupwardmovement,leadingtofurthersidewaysordownwardpriceaction.
Interestingly,currentmarketrealitiessuggestBitcoincouldbeonthevergeofknockingabovethislevel,havingrecentlybreached$66Kamidtherallyyesterday.However,atpresstime,BTChasfacedacorrection,nowtradingfor$65,395.Bullsneedtoreignitethemomentumtobreakabovethe$68Kregion.
Forcontext,wheneveraformationsuchasthisoccurs,abreakoutcouldleadtoasignificantmove.However,Brandtstressedthatthesituationremainsfragileuntilthemarketsustainsmultipleclosesabovethislevel.
MarketSentiments
Meanwhile,anothermarketanalyst,Colin,discussedadifferentperspectiveinresponsetoBrandt’schart.Hehighlightedthechangeinmarketstructure,withBitcoinrecentlymakinghigherhighsandhigherlows.Thishasfueledoptimismamongtraders.
Therecentchangeinstructurefromlowerhighs/lowstohigherhighs/lowsmakesmeoptimisticthatwemayfinallyseeabreakout,butyou\'reright–untilitclearsthatyellowzone,it\'sstillbouncingbetweentheboundaries.
Ithinkthistimeisit,though.Sentimentisout…
—ColinTalksCrypto🪙(@ColinTCrypto)October15,2024
Whilesomebelievethebottomisinandabreakoutisimminent,others,includingBrandt,remaincautious.Colinagreeswiththiscaution.Theresistancearound$68,224remainsthedefininglinebetweenthecontinuationofthecurrenttrendandabullishreversal.
Colinfurtherspotlightedmacroeconomicandpoliticalfactors.Hepointedtopotentialcatalysts,suchasupcomingelectionsorshiftsinmonetarypolicy,whichcouldimpactmarketsentiment.
BitcoinMarketCorrelation
Meanwhile,inaseparatedisclosure,BrandtemphasizedhisconfidenceinBitcoin’spotentialdespitethecurrentrange-boundmovements.HecalledattentiontodiscussionsaroundBitcoin’scorrelationwithtraditionalassetslikestocks,gold,andcrudeoilisalsoatopicofdebate.
SomanypeopleaskhowBitcoiniscorrelatedto…
Stocks…
Gold…
CrudeOil…
etal
Wrongquestion
InthefuturethequestionwillbehowanyassetclassiscorrelatedtoBitcoinpic.twitter.com/ocYI5vRS0n—PeterBrandt(@PeterLBrandt)October15,2024
However,hearguedthatBitcoinisbecominganassetclassinitsownright,withfuturecorrelationsexpectedtoshifttowardsBTCinfluencingothermarketsratherthanbeinginfluencedbythem.
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