bitcoin (BTC) needs a stronger breakout to secure a “multi-month long-term uptrend,” according to a prominent analyst.
In his latest post on the X platform on October 29, trader and former fund manager Aksel Kibar warned against overly optimistic sentiment towards BTC prices.
Kibar: BTC Price Resistance Possible in October
Bitcoin may be attacking resistance near record highs, but for some, BTC/USD still needs convincing.
Market power has blinded traders to risk, Kibar argues.
“Everyone is trying to force their positions based on their analysis,” he argued, attaching a monthly chart.
“The market doesn't care about our analysis or our positions. You go in and take the signals the market gives you.”
BTC/USD 1-month chart. Source: Aksel Kibar/X
Analyzing the long-term price action, Kibar said that a monthly candle close above $73,700 is needed to confirm a credible breakout in BTC price.
“I am waiting for a monthly breakout, just like I did with GOLD. That would start a long-term uptrend from current levels,” he concluded, citing gold’s performance year-to-date.
“October could end at horizontal resistance. Let’s see what November brings in terms of candle size.”
The article referenced a previous analysis from September, which described BTC/USD pressuring record high resistance as “very bullish.”
“I am not a bull or a bear. I am trying to read price charts to find possible advantages from price action,” he said in part of another post later in the day.
“I can say this with certainty, any sudden resistance I encounter in a post about a bullish setup is because the person missed the beat and was hoping for lower prices to get in.”
Bitcoin Open Interest Stimulates Mixed Emotions
Other market commentators have expressed concerns about the spike in open interest (OI) on exchanges.
“Risk management needs to be thorough,” Crypto_Lion, a contributor to Chain analytics platform CryptoQuant, advised in one of their Quicktake blogs of the day.
Bitcoin Open Interest. Source: CryptoQuant
Data from CryptoQuant estimates OI at around $22.7 billion at the time of writing. Responding on the X platform, panelist Axel Adler Jr. said around 50% of the total is “held by bears.”
“There is no need to hesitate to liquidate them to push prices up,” he summarized.
Bitcoin futures settlement diagram. Source: Axel Adler Jr./X
Stay tuned @TinTucBitcoin for the latest updates.
#tintucbitcoin #Write2Win #MarketDownturn #BinanceTurns7 #IntroToCopytrading $BTC $ETH $BNB
