Since Bitcoin reached an all-time high of nearly $74,000 in March 2024, the leading crypto has endured a prolonged consolidation below $70k. However, legendary trader and analyst Peter Brandt has suggested that Bitcoin could be gearing up for a huge breakout that might catalyze a move to new all-time highs based on favorable chart technicals.
Is A Major Bitcoin Move Around The Corner?
As October nears its end, Peter Brandt has suggested that Bitcoin is well-positioned to enter a bull run cycle for the remainder of 2024 and beyond.
On Oct. 22, Brandt shared a chart showing a seven-month inverted expanding triangle, with two downward trendlines connecting the lower highs and lower lows, respectively. Days ago, the chart expert revealed that the sequence of lower highs and lows from March 2024 has yet to be violated.
A strong upswing could ensue after the current consolation stage if BTC successfully breaks past the upper trendline. “The most anticipated and hoped-for breakout in history!!” Brandt declared.
The analyst previously said he expects the apex crypto to potentially reach the coveted $150,000 mark by September 2025.
BTC’s Renewed Bullish Momentum Sees Setback
Bitcoin briefly touched a high of $69,227 earlier this week but has since plummeted to $66,548 as of publication time, representing a 1.2% drop over the last 24 hours.
Despite the correction, market participants remain confident about BTC’s renewed strength ahead of the U.S. presidential election slated for November 5. Republican frontrunner Donald ***** is leading with 63.9% odds, compared to Vice President Kamala Harris’s 35.8% on crypto-based prediction platform Polymarket.
Observers have viewed *****’s potential reelection positively because of his pro-crypto stance and promises to transform the U.S. into a Bitcoin powerhouse. His Democrat rival Harris, on the other hand, has not made similar pledges but voiced support for a crypto regulatory framework.
Crypto traders and investors are generally upbeat about the upcoming change in administration and policies — whether it’s Harris or ***** — as they think any change will be good for the markets.
The fact that this coincides with the first Federal Reserve rate cut in four years only adds to the thesis that Bitcoin could soon explode and set a new all-time high record.