Bitcoin (BTC) Could reach $67,700 Level in Coming Days, Says Peter Brandt

Peter Brandt says Bitcoin (BTC) is in range bound and noted that “No Breakout yet so no trade.” Based on historical price momentum, Bitcoin could reach the $67,700 level in the coming days.

Veteran trader and chartist Peter Brandt says Bitcoin (BTC) is in range bound and noted that “No Breakout yet so no trade.”

In the meantime, traders have liquidated a significant $205.86 million worth of short and long positions in the span of 24 hours.

As Bitcoin experienced large price swings between the $60,500 and $58,000 levels, traders in the volatile cryptocurrency market liquidated a significant $205.86 million in short and long positions.

Peter Brandt is delaying entering the Bitcoin market until the price breaks out of the present range. This is evident in his recent X (formerly Twitter) post, wherein he stated that BTC is in range bound and noted that “No Breakout yet so no trade.” This post on X has garnered considerable attention within the crypto community.

Perspective on chartingI do NOT trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns. $BTC displays what is known as an inverted or expanding triangle. No breakout yet so no trade. pic.twitter.com/xHYxJMpBP1

In his post, Peter shared his perspective on charting, stating “I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns.”

Bitcoin’s Chart Analysis

Since March 2024, BTC has been moving in a descending channel pattern. In this pattern, mostly range-bound traders participate by buying at support and selling at resistance levels. However, based on Peter’s recent post, it appears that he is a breakout trader.

According to historical data or price action, whenever an asset’s price moves within a range for an extended period, it is often considered as a preparation for a significant upside rally. However, BTC has been in range bound for approximately 3 months.

Bitcoin Price Prediction

Expert technical analysis suggests that BTC is bullish, as it recently found support at the lower level of the channel pattern and is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame. Based on historical price momentum, there is a high possibility that Bitcoin could reach the $67,700 level in the coming days.

Whereas, Peter’s post on X hints that the ideal buy opportunity might be near the $73,800 level, which is Bitcoin’s all-time high.

At press time, BTC is trading near the $60,150 level and has experienced a price drop of 0.2% in the last 24 hours. However, during the same period, its trading volume increased by 103%, indicating higher participation from traders due to significant price fluctuations.

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