Prominent trader Peter Brandt continues to back his bullish position on Bitcoin following a new record peak. He highlights the importance of current chart patterns.
Current Market Situation for Bitcoin
After reaching a record level of $112,040, Bitcoin is currently trading at around $111,257. Brandt notes that the chart indicates a recent breakout above the upper boundary of an expanding triangle, which serves as an important signal for investors.
Important Support Levels and Targets
Brandt identifies the support level at $107,000 as critical for his long position. If prices fall below this level, it may signify a breakdown of the current chart pattern. He also cites price targets of $120,958 and $134,886 based on the pattern's range.
Risks Associated with Expanding Triangles
Expanding triangles have a higher failure rate, potentially leading to false breakouts. Brandt emphasizes that this chart is not unique and requires careful analysis.
By maintaining a long position on Bitcoin, Peter Brandt underscores key support levels and potential risks. The current market situation suggests caution, despite optimistic forecasts.
