Kibar: Bitcoin Breakout Above $82,800 Could Spark Bullish Signal

Technical analyst Aksel Kibar has weighed in on Bitcoin's (BTC) price action, pointing out that a breakout above the $82,800 level could be a significant bullish signal. According to Kibar, this level is crucial for confirming a rectangular pattern reversal or double bottom formation on the Bitcoin chart. He emphasized that a brief price breakout above this level is not enough; a clear breakout with a weekly candle close is required to confirm the formation.

Kibar also noted that he does not view moving averages as direct trading signals, but rather as tools for evaluating technical formations. In his analysis, two separate technical confirmations are obtained when the formation breakout occurs both above and below a significant moving average. This approach allows Kibar to evaluate the completion of formations.

The analyst stated that a weekly breakout above $82,800 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. He cautioned that short-term traders should monitor daily candlesticks to determine entry times, while investors can focus on the broader picture.