Which levels should be followed in Bitcoin?
Famous analyst Peter Brandt talked about the levels to be followed for Bitcoin ($BTC ), which has been experiencing a decline accompanied by geopolitical developments.
The tension between Iran and Israel has engulfed the Middle East. As a result of Iran's attacks targeting Israel the other day, a pullback was seen in global markets. The leading crypto, BTC, lost 3.71 percent of its value due to the Middle East tensions. The decline in question led to a liquidation of $522 million in the crypto market.
Economist Peter Brandt touched on the levels to be followed in the BTC price in light of recent developments. Brandt stated that BTC needed a rapid recovery to continue its rise.
Addressing his followers on the X platform, Peter Brandt argued that the price of Bitcoin ($BTC ) should regain $71,000. Brandt stated that the recent rise in BTC did not disrupt the current trend and that the leading crypto was still in the consolidation phase.
The consolidation phase, known as the period when investors accumulate and prepare for a new price movement, has been ongoing since March 2024.
On-chain data analyst Ali Martinez announced that whales have accumulated 50 thousand BTC ($3.15 billion) in the last 10 days. The accumulation made by whales during the period when selling pressure increased was interpreted as a potential increase.
It has become a matter of curiosity when the consolidation phase will end. Brandt said that the price levels to be followed in BTC are $71 thousand and $73 thousand 808. The analyst concluded his words as follows;
âA close above $71 thousand in BTC will indicate that the upward trend from the November 2022 low will continue.â
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