Originally published on: October 29, 2024
Bitcoin’s potential for a sustained uptrend rests on a stronger breakout, according to market analyst Aksel Kibar. Despite BTC hovering near all-time highs at $72,187, Kibar advises caution against overly bullish sentiment.
In his recent analysis, Kibar highlights the growing market strength that may be blinding traders to potential risks. He emphasizes the importance of monthly candle closes above $73,700 to confirm a reliable breakout and initiate a long-term uptrend.
While some experts view BTC/USD pressuring all-time high resistance as “super bullish,” concerns arise over the increasing open interest across trading platforms. CryptoQuant data estimates the open interest at around $22.7 billion, with roughly half attributed to bearish positions.
To address potential downturns, risk management remains critical for investors. Crypto_Lion suggests thorough risk management practices in a market plagued by euphoria and excessive speculation.
As the market grapples with escalating open interest figures, traders are advised to remain vigilant and informed. With Bitcoin’s price reaching new heights, navigating the landscape requires strategic planning and careful consideration of potential outcomes.
This article does not offer investment advice but encourages readers to conduct their own due diligence before making financial decisions. Stay tuned for more market insights and subscribe to our newsletter for curated updates.
