Notable analyst Peter Brandt, marking 40 years in technical analysis, expressed his views on the current Bitcoin levels and its growth potential.
Bitcoin Price Target Levels
In his chart, Brandt noted an expanding triangle that features an upward-breaking upper boundary. This indicates that Bitcoin is exiting a narrowing consolidation phase and gaining momentum. Brandt predicts that Bitcoin may initially rise to $120,958, followed by $134,886. However, as he cautions, achieving these levels depends on buyers maintaining the price within the primary ascending channel.
Critical Support Level
The analyst highlighted $108,100 as a strong support level that Bitcoin has struggled to breach for a long time. This level has become the central axis of Bitcoin's trading action and serves as the first line of defense for buyers. If Bitcoin closes below $107,000 on a daily basis, it would eliminate the bullish outlook and pave the way for a deeper correction.
Market Anticipation
Brandt emphasizes that if Bitcoin falls below $107,000, the bullish scenario would be negated, labeling it a 'critical breakdown.' In such an event, the market would seek a new technical structure, potentially leaving investors disoriented. Currently, Bitcoin is trading at $111,074.
Peter Brandt's analysis highlights the challenging dynamics of the Bitcoin market, where the price remains at a crucial support level. Future movements will depend on buyers' ability to sustain current prices.
