Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
On the crypto market, a moment of technical agreement has occurred as legendary trader Peter Brandt supported the recent analysis of Aksel Kibar, according to which Bitcoin is not just rising but breaking the structure of the downtrend that has been in place since the beginning of 2024.
By the last week of April, Bitcoin had secured a position above $77,600, breaking the upper boundary of the ascending channel. In Kibar's technical analysis, this level is considered a "positive extreme." The fact that the price overcame it without significant resistance from sellers confirms that the market no longer perceives this level as a barrier.
Why the $87,050 level is the next critical test for Bitcoin
Despite supporting the outlook, Kibar maintains pragmatism with the entire focus of the situation lying in the "battle for the mean." The move is accelerating toward the 365-day moving average, which is currently located around $87,000. As long as the price remains below this yearly average, the global trend is technically still bearish or sideways.
Instead of promising an immediate surge, analysts point to a local victory for the bulls. The market has moved from a phase of uncertainty, characterized by a Rising Wedge pattern, into a phase of directional impulse. If BTC manages to turn the $75,000 zone into stable support, the path toward $87,000 will be open in the coming weeks.
However, it is important to remember that Brandt is known for changing his view in line with the chart. For him, the current repost is recognition of the fact that buyers have finally shown initiative that was absent throughout the first quarter.
Dan Burgin
U.Today Editorial Team
