Peter Brandt Issues Cautious Bitcoin Warning Despite Bullish Positioning

Veteran trader Peter Brandt has weighed in on Bitcoin’s recent price structure, offering a nuanced take that blends cautious skepticism with long-term conviction.

In a post shared on July 10, Brandt noted that the current chart pattern—a broadening inverted triangle—is not inherently bullish and often exhibits instability. He remarked, “An expanding inverted triangle has a higher rate of morphing or mortality than a pattern such as a horizontal pennant.” Despite that, Brandt confirmed he remains long BTC, suggesting confidence in Bitcoin’s larger trend.

Key level: $107,000 as structural support

Brandt highlighted the $107,000 level as a crucial support zone. A breakdown below this threshold would, in his view, “suggest morphology”—a term he uses to describe pattern breakdowns or evolving market structures. For now, BTC is trading near $111,490, just above the $110,700 resistance-turned-support line.

Price targets: $120K to $135K still in sight

Despite his reservations about the pattern’s reliability, Brandt’s chart outlines potential bullish targets. The next major upward projections are $120,958 and $134,886.20—levels that align with the measured move from the previous breakout zone around $108,100.

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Brandt’s position: Long but alert

Known for his no-nonsense approach to technical analysis, Brandt’s latest commentary signals a mix of optimism and caution. While he maintains a long position in Bitcoin, he warns traders not to place blind faith in chart patterns, especially those with a high rate of failure. His broader message seems clear: bullish continuation is possible, but price structure integrity remains key.

As Bitcoin navigates the mid-$110K range, traders and analysts alike are watching closely to see whether this triangle resolves upward or confirms Brandt’s warnings with a deeper correction.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.