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Peter Brandt, one of the most prominent commodity traders, has weighed in on Bitcoin's latest price drop, arguing that the bulls would need to reclaim $71,000 in order to regain momentum.
Even though the flagship cryptocurrency experienced an impressive rally in September, it did not "disturb" the seven-month sequence of lower highs and lower lows.
According to Brandt, only a close above the aforementioned level would indicate that the bullish trend from the low recorded in November 2022 would remain in "full force." Bitcoin is currently down 16% from its lifetime high of nearly $74,000 which was achieved in March.
Gamza KhanzadaevThe bullish trend would still have to be confirmed by a new record high.
The leading cryptocurrency plunged to as low as $60,315 earlier today due to geopolitical jitters. According to CoinGecko data, it is currently changing hands at $61,488.
Last month, Brandt posted a chart, which suggests that the flagship cryptocurrency could end up surging to as high as $150,000 in the second half of 2025. However, the aforementioned levels remain the key hurdles for the bulls.
Notably, cryptocurrency mogul Mike Novogratz has also stated that $73,000 was the pivotal level for the bulls. In June, the Galaxy Digital boss predicted that Bitcoin could soar to $100,000 in 2024 if the bulls manage to take out that level.
PolyMaket bettors see only a minuscule 16% chance of Bitcoin hitting the $100,000 mark this year. For now, there are not obvious bullish catalysts that could push the crypto king to that coveted price level.
Gamza Khanzadaev
Yuri Molchan
Dan Burgin
Vladislav Sopov