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

TL;DR

• Peter Brandt stays bullish on bitcoin with bold targets, however alerted in regards to the look of a bearish sample.

• Regardless of optimistic predictions from a number of analysts, technical indicators similar to a near-overbought RSI recommend 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 worth of over $112,000. One distinguished determine within the crypto business 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 worth chart, arguing that it has “a better charge 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. Buyers, although, must be cautious as a result of, in keeping with the dealer, a decline below $107,000 “would recommend morphology.”

An increasing inverted triangle is a sample the place worth fluctuations change into wider over time, forming larger highs and decrease lows in a megaphone form. It’s usually thought of bearish, because it indicators market instability and will lead to 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 considered as a bullish sign, assuming it follows an upward development.

Brandt is called a proponent of the first cryptocurrency. Only a few weeks in the past, he recommended that individuals 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 consumer CRYPTOWZRD can be optimistic that BTC might put up extra good points 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 worth 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 help the bullish theories. BTC’s alternate netflow has been predominantly unfavorable during the last month, signaling a shift from centralized exchanges to self-custody strategies, which reduces the speedy promoting stress.

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