Bitcoin is not yet out of trouble! When will it end?

Famed trader Peter Brandt recently warned against excessive optimism surrounding the latest Bitcoin rally. According to Brandt, although BTC saw a notable rise, this rise was not enough to reverse the long-term bearish structure characterized by increasingly lower highs and lows.

Bitcoin still in danger despite recent rise

Despite BTC's brief rise, Peter Brandt indicates that the crypto queen has still not crossed the levels necessary to confirm a trend reversal. According to him, a major bullish move will only happen if bitcoin can close above $71,000 and set a new all-time high.

Furthermore, the chart accompanying the analysis reveals that BTC has been in a consistent downtrend for over seven months. This pattern features increasingly lower highs and lower lows, signaling persistent bearish sentiment.

Moreover, Brandt identifies two major resistance levels on the weekly chart that the BTC price failed to surpass. The first is around $70,602, while the second, higher resistance, sits at $73,808, the current all-time high. These levels acted as major barriers to bullish momentum, halting Bitcoin's advance on several occasions. Without crossing these levels, the market is likely to continue in its consolidation phase.

Is the outcome near?

Bitcoin's downward trend could reverse with the upcoming election of a new president in the United States. A change in leadership could bring new economic policies favorable to cryptocurrencies, boosting investor confidence and potentially reversing the current trend and propelling BTC towards $80,000.

Finally, although the recent BTC rally may have brought some optimism, it is essential to remain cautious. Bitcoin's long-term bearish structure has yet to be broken, and investors should keep in mind the critical levels identified by experts like Peter Brandt. By staying informed and relying on solid technical analyses, they will be able to navigate the turbulent waters of the crypto market more calmly.