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Bitcoin price hit a new high today, surging past $72,000 and pushing all BTC holders’ addresses into profit for the first time. At one point, the flagship crypto even touched the $73,000 mark before experiencing a brief pullback, suggesting some resistance at this level. Moreover, this rally has put all BTC holders in profit.
Bitcoin Price Surge & Analysis
At press time, the BTC price surged 3.30% to $72,203.72 on Tuesday, October 29. Moreover, Bitcoin hit a high of $73,577.21, which is very close to its all-time recorded earlier in March 2024. Also, according to IntoTheBlock data, 100% of the 53.94 million BTC addresses are “currently in profit.”
Peter Brandt, a well-known trader and crypto analyst, commented on the recent bullish movement in a post on X. Brandt emphasized that while recent Bitcoin price rally is promising, investors should exercise caution when interpreting it as a full-fledged breakout. “Bitcoin bulls should be excited – but there are rules to determine breakouts,” Brandt wrote.
Brandt explained the challenges associated with diagonal price patterns, which tend to have slanted boundary lines. According to him, these patterns are notoriously difficult to trade as they can create false signals of a breakout. He cautioned, “The nicking of a boundary line – while exciting to bulls – does NOT represent a breakout.”
All Bitcoin holders are currently in profit pic.twitter.com/mLoTQlXZLM
— IntoTheBlock (@intotheblock) October 29, 2024
For Bitcoin price to establish a true breakout, Brandt suggests that it must close above $76,000 on the daily chart. Additionally, he pointed out that such a close should be confirmed on a Sunday at midnight UTC. “To be considered a ‘for real’ breakout, price on the daily chart MUST close above $76,000 (ATR close above Mar high) and be confirmed on a Sunday evening at midnight UTC,” he stated.
Brandt’s remarks underscore his belief that the cryptocurrency’s rally has only “nicked important chart points” so far, rather than surpassing them decisively. “Bitcoin bulls, be excited, but don’t be dogmatic,” he advised, suggesting that the recent upward movement is not yet enough to confirm a solid uptrend on the weekly chart.
With the cryptocurrency market riding a wave of optimism, Bitcoin’s next critical resistance at $76,000 may ultimately determine whether the recent gains mark the beginning of a sustained rally. For now, BTC investors are hopeful but heeding Brandt’s advice to temper their expectations.