Bitcoin broke above $72,500, up around 5% on the day, reviving a chart debate between traders eyeing $76,000 and those watching for a reversal toward $50,000. Economist Peter Schiff dismissed the move as a Treasury-fueled "fakeout" and urged investors toward gold instead.
Bitcoin broke above $72,500, climbing around 5% on the day as buying spread across the broader crypto market. The move reopened a technical debate over whether the rally extends toward $76,000 or reverses back toward $50,000.
Charts Point Toward a $76,000 Target
Trader Peter Brandt pointed to an inverted head-and-shoulders pattern that had earlier carried downside risk because its right shoulder formed slowly. But Bitcoin's push past the $64,800 neckline, after building a base above $60,000, changed that picture enough for Brandt to enter the breakout trade, accepting the risk that the pattern could still fail.
Analyst Aksel Kibar's chart shows the bullish case strengthens now that Bitcoin has broken through $67,200 resistance, with a possible target near $76,000. However, the same chart also marks a failure target around $53,000, keeping alive speculation that Bitcoin could retest $50,000 if the breakout does not hold.
Schiff Calls the Rally a Treasury-Fueled Fakeout
Not everyone reads the move as bullish. Economist Peter Schiff dismissed Bitcoin's climb above $72,000 as a "fakeout." He tied the move to the Treasury's decision to double its bond buybacks to $4 billion per operation. That buyback pushed Bitcoin from under $65,000 to over $71,000.
Schiff declared the rally a fakeout, not a breakout: "Bitcoin's rally above $72K is a fakeout, not a breakout." He argued investors should sell Bitcoin and buy gold instead, while warning that rising Treasury yields could eventually force the Federal Reserve into a new quantitative easing program.
Sources: CoinGape, Bitcoin News
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