Bitcoin Bulls Rejoice, but Peter Brandt’s Warning Could Rain on Your Parade

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Well, well, well. Look who’s smiling today – Bitcoin just sailed past the $112,000 mark on Wednesday, leaving all the bulls happily cheering. But hold onto your hats, folks, because Peter Brandt, a man with more trading experience than a goat has lives, is not ready to join the parade just yet. According to him, this rally might not be the smooth sailing it appears to be. 🚩

Now, while the legendary trader is still holding onto his long position in BTC (because why not, right?), he’s throwing a little wet blanket on the whole celebration. He says if Bitcoin falls below $107,000, it might flip the script faster than a pancake at a Sunday brunch. 🍳

You might want to pay attention here, folks. The plot thickens. Continue reading if you dare!

Breakout Pattern Spotted but It’s Not Without Risk

Brandt has spotted Bitcoin making a move from an expanding triangle (don’t worry, it’s not a geometric mystery – just a fancy name for a broadening wedge). The price swings are growing wider, and guess what else is expanding? The risk. Yikes!

Now, this breakout is certainly looking promising, but hold your horses! Brandt warns that expanding triangles are a fickle bunch. They’re known for fizzling out faster than a soda left open overnight. So, don’t get too comfy. If support doesn’t hold, we could all be witnessing a fakeout of legendary proportions. 🙄

There is nothing special about this chart. An expanding inverted triangle has a higher rate of morphing or mortality than a pattern such a horizontal pennant. Nevertheless I am long BTC. A decline below 107000 would suggest morphology $BTC

— Peter Brandt (@PeterLBrandt) July 9, 2025

$108K Turns Support, but $107K Is the Real Test

For months, Bitcoin’s been stumbling like a toddler trying to walk, struggling to break past the $108,100 mark. But now, that level has turned into support – a major win for the bulls! 🐂 But here’s the catch: Brandt says the real showdown is at $107,000. This is where the rubber meets the road, folks.

If Bitcoin decides to take a dive below that number, the whole bullish pattern could fall apart faster than a cheap suit in a rainstorm. According to Brandt, it might “morph” into something far more sinister – a bearish setup that could bring the market crashing down in a big ol’ tumble. 💥

Targets Ahead: $120K and $134K If Bulls Stay in Control

Despite the ominous clouds hanging overhead, Brandt isn’t calling it quits just yet. If support holds firm, he’s eyeing price targets in the range of $120,958 and $134,886. And don’t forget – he previously predicted Bitcoin could hit $118,000 in the near future, so that’s still very much on the table.

At the moment, Bitcoin is holding steady around $112,288, sitting pretty above key levels. But don’t get too comfy – the story’s not over yet. 🚨

Bottom Line

With more than five decades of trading under his belt, Brandt has seen markets flip like pancakes at a fair. He’s still cautiously optimistic, but he’s sending a crystal-clear message: Bitcoin needs to hold the $107K line, or this rally could be toast. 🍞

If the $107K support holds, Bitcoin could be gearing up for a bigger jump. If not, brace yourselves for a wild ride that could end in tears. 🎢

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2025-07-10 13:07