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The price of Bitcoin (BTC) showed an impressive result yesterday, rising 5.11% to $66,500, but more importantly, the rise took Bitcoin above a crucial resistance level, which was confirmed by a successful retest today. The pattern in which Bitcoin has been trading for the last six months seems to be in the past, and now BTC has new opportunities, but which one it will take has everyone guessing.
Alex DovbnyaAt this critical moment, renowned veteran trader Peter Brandt has shared his key prediction on Bitcoin’s price trajectory. Brandt pointed to a vital zone for Bitcoin around $68,000, where several important price points intersect.
Yellow zone
According to his analysis, unless Bitcoin manages to close above this level, the supply side pressure may keep prices from rising further, with the possibility of the price moving sideways or even down again.
Brandt also noted that the current price pattern does not align with what many might call a "bull flag." Instead, he categorizes it as an inverted expanding triangle, which holds a different implication for Bitcoin’s short-term price action. His analysis suggests that Bitcoin's price movement may still face major resistance despite recent bullish activity.
While BTC has made progress, the upcoming days will be crucial in determining whether the cryptocurrency can solidify its position above this resistance zone or whether it will encounter renewed challenges. For now, traders and investors alike are closely watching the $68,000 level, which could signal the next phase for Bitcoin’s price movement.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov