What levels should be followed in Bitcoin?

Famous analyst Peter Brandt mentioned the levels to be followed for Bitcoin (BTC), which is experiencing a decline in line with geopolitical developments.

Tension between Iran and Israel has engulfed the Middle East. As a result of Iran's recent attacks on Israel, there has been a global market retreat. The leading cryptocurrency, BTC, lost 3.71% in value due to the Middle East tension. This decline led to a liquidation of 522 million dollars in the crypto market.

Economist Peter Brandt pointed out the levels that need to be followed in the price of BTC in light of recent developments. Brandt stated that BTC needs a quick recovery to continue its upward trend.

Brandt's Bitcoin analysis caught attention

Peter Brandt, who addressed his followers from X platform, argued that Bitcoin (BTC) price needs to reclaim $71,000. Brandt stated that the recent rise in BTC did not break the current trend and that the leading crypto is still in a consolidation phase.

The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. $BTC Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force pic.twitter.com/lFO9A20VPD

• Peter Brandt (@PeterLBrandt) October 2, 2024

The consolidation phase, known as the period when investors accumulate and prepare for a new price movement, has been ongoing since March 2024.

Chainalysis expert Ali Martinez announced that whales have accumulated 50,000 BTC ($3.15 billion) in the last 10 days. The accumulation made by whales during the period of increased selling pressure was interpreted as a potential rise.

#Bitcoin whales have bought over 50,000 $BTC in the last 10 days, worth around $3.15 billion! pic.twitter.com/oteMhOnfBv

— Ali (@ali_charts) October 1, 2024

The question of when the consolidation phase will end has become a matter of curiosity. Brandt said that the price levels to be followed in BTC are $71,000 and $73,808. The analyst concluded his words as follows;

"A closing above 71,000 dollars for BTC would indicate that the upward trend from the lowest level of November 2022 will continue."

This article does not contain any investment advice or recommendations. Every investment and trading activity carries risk, and readers should conduct their own research when making decisions.