Bitcoin Price Forecast: Peter Brandt Predicts Potential Surge to $97,000
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Bitcoin (BTC), the leading cryptocurrency by market capitalization, made an attempt to hit the $70,000 mark during today's trading session. However, the bulls have yet to achieve this milestone, with BTC reaching an intraday high of $69,891 in early Saturday trading.
As of this writing, Bitcoin has experienced a decline of 2.28% over the past 24 hours, bringing its price down to $69,373. This drop follows a period of profit-taking after reaching a high of $73,600 earlier this week. If the day ends with losses, it will mark the fourth consecutive day of trading in the red for Bitcoin since hitting that peak.
Amidst this market fluctuation, veteran trader Peter Brandt has shared his insights on Bitcoin's price trajectory. He tweeted about the current BTC chart, attaching a screenshot of the weekly chart, which suggests a potential breakout for the cryptocurrency.
Although Brandt did not elaborate extensively, the chart pattern he highlighted indicates a diagonal formation with slanted boundary lines. He previously suggested that a breakout could target a price of $97,056. This ambitious target represents an almost 38% increase from Bitcoin's current value, although the path to reaching it may be fraught with challenges.
The market remains optimistic as Bitcoin attempts to surpass its all-time high of $73,750, achieved in March. However, Brandt cautioned in a late October analysis that the diagonal pattern might not yet signify a true breakout.
He noted, "Diagonal patterns with slanted boundary lines are challenging to trade. A slight breach of a boundary line may excite bulls but does not guarantee a breakout."
For Bitcoin to confirm a genuine breakout, Brandt emphasized the need for a decisive close above $76,000. He stated, "To be considered a real breakout, the daily chart must close above $76,000, confirming the advance above the March high."
Brandt concluded that significant work remains to be done, stating, "Looking at the weekly chart, this advance has only grazed important chart points. A lot of effort is still required to solidify this upward movement."