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Peter Brandt Claims He Remains Long on Bitcoin

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by Giorgi Kostiuk

7 hours ago


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.

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