Veteran Trader Peter Brandt Is Long on Bitcoin (BTC), But There’s a Catch

TL;DR

• Peter Brandt stays bullish on bitcoin with formidable targets, however alerted concerning the look of a bearish sample.

• Regardless of optimistic predictions from a number of analysts, technical indicators reminiscent of a near-overbought RSI counsel that the asset’s rally may face short-term resistance.

Watch Out for This Stage

A number of hours in the past, bitcoin (BTC) made historical past by tapping a brand new all-time excessive value of over $112,000. One outstanding determine within the crypto trade who has commented on the asset’s current efficiency is Peter Brandt.

The veteran dealer spotted the formation of an increasing inverted triangle on BTC’s value chart, arguing that it has “a better price of morphing or mortality” than a sample just like the horizontal pennant.

Nonetheless, Brandt stays lengthy on the asset, setting short-term targets of $120,958 and $134,886. Traders, although, needs to be cautious as a result of, based on the dealer, a decline beneath $107,000 “would counsel morphology.”

An increasing inverted triangle is a sample the place value fluctuations change into wider over time, forming increased highs and decrease lows in a megaphone form. It’s usually thought-about bearish, because it indicators market instability and will end in a breakdown.

Quite the opposite, a horizontal pennant is a consolidation sample the place the asset’s valuation drifts sideways after a major transfer. It’s often seen as a bullish sign, assuming it follows an upward pattern.

Brandt is named a proponent of the first cryptocurrency. Only a few weeks in the past, he recommended that folks make month-to-month investments and allocate 80% of the capital to SPY (the ETF that tracks the S&P 500 Index) and the remaining 20% to BTC.

Different Forecasts

The X person CRYPTOWZRD can also be optimistic that BTC may put up extra beneficial properties within the close to future, envisioning a rally to $132,500 based mostly on the potential formation of an inverse head-and-shoulders sample. KALEO was much more optimistic, predicting a value explosion to $500,000. 

#Bitcoin / $BTC

$500K IS A MAGNET pic.twitter.com/ni2oFVs9hf

— Okay A L E O (@CryptoKaleo) July 9, 2025

Some indicators assist the bullish theories. BTC’s change netflow has been predominantly unfavourable during the last month, signaling a shift from centralized exchanges to self-custody strategies, which reduces the rapid promoting stress.

However, the asset’s Relative Energy Index (RSI) is sort of near the bearish zone of 70. Such readings present that the value has elevated too quickly over a brief interval of time and may be due for a short-term pullback.