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HomeCrypto NewsMarketBrandt Identifies Bitcoin Lower Highs, Shows Level BTC Must Breach to Begin Uptrend

Brandt Identifies Bitcoin Lower Highs, Shows Level BTC Must Breach to Begin Uptrend

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Bitcoin now trades at a critical juncture as it continues to trend lower while showing signs of potential volatility ahead. 

In this latest bitcoin price news, veteran trader Peter Brandt pointed out that Bitcoin (BTC) remains in a sequence of lower highs and lower lows. According to Brandt, BTC must close above a key level to reverse this trend and kickstart an uptrend. 

Lower Highs Dominate BTC Price Action

Bitcoin’s daily price chart shows a pattern of descending highs that have dominated price action over the past six months. Bitcoin reached an all-time high of $73,666 in March 2024, which marked the peak of its upward momentum. 

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However, the next high of $72,762 occurred in April, indicating a slight decline. This set the tone for the downward movement that followed. Also, the July 29 high of $70,162 solidified Bitcoin’s bearish trend, as it continued to make lower highs.

Bitcoin Lower Highs Structure Peter Brandt
Bitcoin Lower Highs Structure | Peter Brandt

Brandt suggested that Bitcoin’s inability to surpass these highs means the market remains in a bearish structure. The most recent high of $65,200 shows that Bitcoin is still struggling to break the upper resistance of the descending triangle. 

Bitcoin Sees Expanding Triangle Pattern

The daily chart reveals an expanding triangle pattern, associated with increasing volatility. This broadening formation has been building for months, with Bitcoin making larger swings between lower highs and lower lows. 

Notably, the expanding triangle suggests that Bitcoin could soon make a big move. If it breaks out of this pattern, the direction could either confirm the current downtrend or signal a reversal. 

Interestingly, Peter Brandt identifies the $70,162 high attained on July 29 as a pivotal level. This region serves as a crucial resistance. A decisive close above this level would break the trend of lower highs and potentially start a bullish run.

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On the downside, key support levels are at $53,219 and $49,130. These lower lows suggest that if Bitcoin fails to maintain its current levels, it could revisit these points. A drop below $49,130 would confirm a continuation of the downtrend.

Meanwhile, Bitcoin currently trades for $63,574, with the Average Directional Index standing at 19.13. An ADX below 20 suggests the market is not strongly directional. This could indicate that Bitcoin is in a consolidation phase, awaiting a stronger breakout before deciding on its next major move. 

Could Bitcoin Target $130K?

Interestingly, market analyst Colin also recently discussed Bitcoin’s price movements. He suggested that the premier crypto asset could soar to as much as $130,000 as its minimum target if it breaks the $73K all-time high set in March.

He noted that Bitcoin is currently trading within a pattern that could be interpreted as a cup and handle pattern or an inverted cup and handle structure. Notably, Brandt previously identified this pattern on the Bitcoin-to-gold chart.

However, another market watcher argued that Bitcoin’s current structure could be a bull flag. Responding, Colin cited Brandt, noting a bull flag could not stretch out for so long. Brandt confirmed this but suggested that a longer-term bullish trend could ensue following the violation of a bear channel.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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