Peter Brandt’s Favorite Analyst Weighs In on Bitcoin – “It’s Important for It to Break Through This Level by the End of the Week

Technical analyst Aksel Kibar stated that a breakout above the $82,800 level in Bitcoin (BTC) price could constitute a significant bullish signal in the current timeframe.

Kibar pointed out that a potential rectangular pattern reversal or double bottom formation on the Bitcoin chart could be completed above the 52-week exponential moving average (EMA), which has been tracked for about a year. However, according to the analyst, a brief price breakout above this level is not enough for the formation to be confirmed; a clear breakout is needed with the weekly candle close.

Kibar stated that his analysis was primarily from an investor’s perspective, while short-term traders could monitor daily candlesticks to determine entry times.

Kibar stated that he is hesitant to consider moving averages as trading signals on their own, adding that he does not view a price crossing a moving average as a direct buy or sell signal. According to the analyst, what is truly important is when the price breaks the boundaries of technical formations.

Kibar stated that two separate technical confirmations are obtained when the formation breakout occurs both above and below a significant moving average, saying, “The trend is confirmed, and at the same time, the breakout of the chart formation is also validated. This is how I evaluate the completion of formations.”

In this context, according to Kibar’s analysis, a weekly breakout above $82,800 for Bitcoin stands out as a critical threshold to watch closely, both for the completion of the technical pattern and in terms of the long-term trend.

*This is not investment advice.