- Peter Brandt eyes $134,886 as Bitcoin breaks key resistance.
- Bitcoin breakout gains momentum as bulls defend crucial support level.
- $107,000 becomes a critical zone for sustaining Bitcoin’s bullish pattern.
Prominent trader Peter Brandt has reaffirmed his long position on Bitcoin following its decisive breakout to a new all-time high. The experienced chartist identified a critical shift in Bitcoin’s technical structure, pointing to a breakout above an expanding triangle pattern, also known as a broadening wedge.
This formation, which often signals volatility, is marked by an ascending lower trendline and a non-converging upper boundary. According to Brandt, Bitcoin’s ability to pierce through this structure signals bullish strength, although caution remains due to the pattern’s higher failure rate.
There is also an increase in the difference between the highs and the lows, which is an additional indication of the importance of the breakout.
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One of the critical areas that served as resistance at around $108,100 has currently turned into support after months of consolidating beneath it. Brandt emphasized that this price is the key to determining the direction of the present market.
The persistence of Bitcoin in trading above the range provides bulls with both psychological and technical advantages.
Critical Support and Price Targets Now in Focus
Brandt has also defined $107,000 as the make-or-break level for his long position. If Bitcoin drops below this zone, it would invalidate the current expanding triangle pattern. A collapse under this support may indicate that the existing constitution has evolved into a different form, diminishing the chances of new gains.
Nevertheless, Brandt is positive about this chart pattern despite the risks involved. After sweeping the breakout confirmation, he has drawn two aggressive price targets. The first projection shows Bitcoin at $120,958, and the second ranges up to $134,886.
These targets are the proportion of the triangle formation and are applied to the breakout point.
Source: Peter Brandt
Bitcoin is already above the upper limit of the broadening wedge. This action indicates that bullish momentum is still in play at this point.
The market’s capability of sustaining the latter levels will, however, dictate the accuracy of Brandt’s projections.
With Bitcoin holding above key support and a bullish breakout confirmed, Peter Brandt’s targets may soon be tested. Market watchers now look to $107,000 as the critical level to keep the rally intact.
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