Seasoned Trader Peter Brandt Holds a Positive Stance on Bitcoin (BTC) with a Caveat

Peter Brandt, a seasoned trader, remains optimistic about Bitcoin, predicting short-term targets of $120,958 and $134,886, despite Bitcoin recently hitting an all-time high of over $112,000. However, Brandt spotted an expanding inverted triangle on Bitcoin's price chart, which he claims has a higher rate of transformation or volatility than a horizontal pennant.

This pattern signals market instability and could potentially lead to a breakdown, but Brandt maintains his positive stance unless a decline under $107,000 occurs. Other analysts, including CRYPTOWZRD and KALEO, also foresee future gains for Bitcoin, predicting prices of $132,500 and $500,000, respectively. Despite these positive predictions, some technical indicators suggest potential short-term resistance due to the asset's near-overbought Relative Strength Index (RSI).