According to one analyst, Bitcoin needs a stronger breakout to secure “a multi-month upward trend.”
In his latest X content on October 29, trader and former fund manager Aksel Kibar warned against overly optimistic BTC price sentiment.
Kibar: BTC price resistance expected in October
Bitcoin (BTC) may be attacking resistance near its all-time highs, but for some, BTC/USD remains compelling.
The strength of the market has already made traders unaware of the risks, Kibar says.
“Everyone is trying to force their position through analysis,” he said, posting monthly charts.
“The market is not interested in our analysis or positions. You go to the line and take what creates the signal.”
BTC/USD 1-month chart. Source: Aksel Kibar/X
Analyzing long-term price action, Kibar said a monthly candle close above $73,700 would be needed to confirm a credible BTC price breakout. “I am waiting for a monthly breakout like I did with GOLD. Because that will start a multi-month long upward trend from current levels,” he concluded, referring to gold’s year-to-date performance.
“October is likely to close at horizontal resistance. Let’s see what November brings in terms of candle size.”
The post referenced a previous analysis from September, which explained that BTC/USD was nevertheless ‘very bullishly’ pressing its all-time high resistance.
“I am not a bull or a bear. Trying to read price charts to see what benefits I can get from price action,” he said in part of another post that day.
“I can confidently say that any (knee-jerk) resistance I get on a post on a bullish setup is because the guy missed the pullback and hoped the lower level would rise.”
Bitcoin Open Interest Causes Mixed Emotions
Other market commentators have expressed concern about the surge in open interest (OI) across trading venues.
say’: ‘Mobullish’sh’ week ends — 5 things to know about Bitcoin this week
Crypto_Lion, a contributor to the on-chain analysis platform CryptoQuant, advised in one of the Quick Take blog posts that day, “Risk management must be thorough.”
Bitcoin open interest. Source: CryptoQuant
CryptoQuant data estimated OI at around $22.7 billion at the time of writing. For X, fellow contributor Axel Adler Jr. said about 50% of the tally is “held by bears.”
“There is no need to hesitate to liquidate to raise prices,” he said.
Bitcoin future liquidation chart. Source: Axel Adler Jr./X
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.