Originally published on: October 29, 2024
Bitcoin is on the brink of a breakthrough, but one analyst warns that euphoria may be clouding judgment when it comes to the price of BTC. Aksel Kibar, a seasoned trader and ex-fund manager, believes that a stronger breakout is crucial to establish a sustained uptrend in the coming months.
In his recent analysis, Kibar pointed out the current resistance level near all-time highs where Bitcoin is trading at $72,467. While many traders are feeling bullish, Kibar remains cautious, emphasizing the importance of a monthly candle close above $73,700 to confirm a reliable breakout. This milestone, he argues, could ignite a long-term uptrend similar to the performance seen in gold this year.
Despite some optimism in September about Bitcoin pressuring all-time high levels, Kibar remains focused on reading the price chart for potential advantages. He urges traders to pay attention to risk management, especially as open interest (OI) balloons across various trading platforms.
According to data from CryptoQuant, open interest in Bitcoin has surged to approximately $22.7 billion, with a significant portion held by bearish investors. In response, analyst Axel Adler Jr. recommends liquidating bear positions to drive the price higher.
While this analysis serves as a valuable insight into the current state of the Bitcoin market, it is essential to remember that trading and investing involve risks. Readers are encouraged to conduct their own research and make informed decisions. Stay updated on the latest market trends and investment opportunities by subscribing to our Markets Outlook newsletter for weekly insights.
