Renowned crypto trading veteran Peter Brandt has issued a fresh warning regarding the current Bitcoin (BTC) rally. While maintaining his long position on the cryptocurrency, Brandt indicates that the upward momentum could be in jeopardy if Bitcoin fails to hold a critical support level. His analysis points to a technical pattern that, despite an apparent breakout, carries inherent risks.
<h2>The Expanding Triangle and Critical Support</h2>
[embed]https://twitter.com/PeterLBrandt/status/1943085280363209130[/embed]

Brandt's caution stems from Bitcoin's recent price action, specifically its breakout from an "expanding triangle" pattern. While breakouts from such formations often signal significant moves, Brandt highlights that this particular pattern has a historically higher propensity for failure, suggesting that the current breakout could potentially be a false one.

The crucial level to watch, according to Brandt, is the $107,000 mark. Although <a href="https://www.cryptoknowmics.com/news/bhutan-government-continues-strategic-bitcoin-transfers-to-binance/">Bitcoin</a> has recently managed to flip the $108,100 level into support, establishing it as a temporary floor, the $107,000 price point remains the definitive test for the rally's continuation. Its ability to hold above this psychological and technical barrier will be paramount.
<h2>Potential Trajectories: Upside or Reversal</h2>
Should Bitcoin successfully defend the $107,000 support, Brandt's analysis suggests potential upside targets. He foresees the cryptocurrency potentially advancing towards $120,958 and, subsequently, $134,886, indicating a healthy continuation of the bull market.

However, the inverse scenario presents a significant risk. A decisive breach and sustained decline below the $107,000 level could trigger a bearish reversal, unwinding recent gains and potentially leading to a more pronounced downturn. Traders and investors are advised to closely monitor Bitcoin's price action around this key support, as its behavior will likely dictate the market's trajectory in the immediate future.

Crypto Veteran Peter Brandt Cautions: Bitcoin Rally at Risk Below $107,000

Crypto expert Peter Brandt warns Bitcoin's rally is at risk if it falls below $107,000 due to an expanding triangle pattern.

Crypto Veteran Peter Brandt Cautions: Bitcoin Rally at Risk Below $107,000

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