Peter Brandt spends cautious Bitcoin warning despite bullish positioning
The experienced dealer Peter Brandt has commented on Bitcoin's latest price structure and offers a nuanced assessment that combines careful skepticism with long -term conviction.
In a post from the July 10, Brandt pointed out that the current chart pattern – an outstanding triangle – is not naturally interest -bullish and often has instability. He noticed: “An outgoing triangle has a higher morphing or mortality rate than a pattern like a horizontal pennant.” Nevertheless, Brandt confirmed that he is still investing in BTC, which indicates that he has confidence in the general trend of Bitcoin.
Key level: $ 107,000 as structural support
Brandt highlighted the level of $ 107,000 as a decisive support zone. In his opinion, a breakthrough under this threshold would “indicate a morphology” – a term that he uses to describe sample breakthroughs or developing market structures. BTC is currently being traded at $ 111,490, just above the resistance line, which was supported by $ 110,700.
Course goals: $ 120,000 to $ 135,000 in sight
Despite its reservations regarding the reliability of the pattern, Brandt's chart shows potential upward targets. The next important upward projections are $ 120.958 and $ 134.886, which match the measured movement from the previous outbreak zone by $ 108.100.
Brandt's position: long but vigilant
Brandt, which is known for his sober approach to the technical analysis, shows a mixture of optimism and reluctance in his recent comment. While he maintains a long position in Bitcoin, he warns dealers against putting blind trust in chart patterns, especially in those with a high error rate. His general message seems to be clear: an interest -bullish sequel is possible, but the integrity of the price structure remains crucial.
While Bitcoin is moving in the middle $ 110K area, retailers and analysts observe equally whether this triangle dissolves upwards or fire warnings are confirmed by a deeper correction.
