Bitcoin (BTC) is nearing its all-time high, exciting bulls. However, analyst Peter Brandt advises caution, warning that a confirmed breakout requires a daily close above $76,000. Recent price movements have only "nicked" important chart points, not breaking them with conviction.
Ongoing discussions among analysts include the significance of the $71,000 to $73,000 resistance level. The potential impact of a Republican US presidential victory and interest rate changes on the crypto market is also considered. A Trump win, as per Polymarket’s odds, could boost the digital assets sector.
Analysts highlight that with the US Federal Reserve's recent interest rate cuts, Bitcoin might benefit due to a risk-on environment. Some predictions, like Bitwise CIO Matt Hougan's, suggest BTC could rise to $80,000 in Q4 2024. Conversely, Cole Garner suggests potential on-chain liquidity tightening could see BTC head lower first.
Currently, Bitcoin trades at $71,789, marking a 4% increase in the last 24 hours. The crypto community remains optimistic yet cautious about genuine breakout possibilities and their validation.
