Trader Peter Brandt Sees Potential for Bitcoin Gains Amid Expanding Triangle Breakout

Key Points

1. Bitcoin broke out above an expanding triangle pattern, indicating renewed bullish momentum after surpassing the critical resistance level near $108,100.

2. Peter Brandt identifies $107,000 as a pivotal support level; a drop below this would invalidate the bullish pattern.

3. Price targets derived from the pattern are $120,958 and $134,886, representing potential upside if support holds.

4. Bitcoin recently reached a record high of $112,040 and is trading around $111,257, maintaining its position above the breakout level.

5. Traders should monitor the $107,000 support level for risk management, as the breakout suggests potential upward movement toward $121,000 and beyond.