Veteran Trader Peter Brandt Is Long on Bitcoin (BTC), But There’s a Catch
2025-07-10 10:23:26
Main Idea
Bitcoin (BTC) reached a new all-time high of over $112,000, with analysts offering mixed predictions on future price movements, including potential rallies or corrections.
Key Points
1. Bitcoin (BTC) hit a new all-time high price exceeding $112,000.
2. Peter Brandt noted that BTC's price chart has a higher 'rate of morphing or mortality' compared to patterns like the horizontal pennant.
3. A decline below $107,000 could indicate a potential trend reversal ('morphology').
4. Analysts like CRYPTOWZRD predict a rally to $132,500 based on an inverse head-and-shoulders pattern, while KALEO forecasts a surge to $500,000.
5. BTC's Relative Strength Index (RSI) is near the bearish zone of 70, suggesting a possible short-term correction due to rapid price increases.
Description
TL;DR Peter Brandt remains bullish on bitcoin with ambitious targets, but alerted about the appearance of a bearish pattern. Despite optimistic predictions from multiple analysts, technical indicators such as a near-overbought RSI suggest that the asset’s rally might face short-term resistance. Watch Out for This Level Several hours ago, bitcoin (BTC) made history by tapping a new all-time high price of over $112,000. One prominent figure in the crypto industry who has commented on the asset’s r...
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