The legendary analyst Peter Brandt recently marked 40 years in technical analysis with a noteworthy statement regarding Bitcoin’s new record at $112,040 on Wednesday. Brandt, famous for his accurate market predictions, emphasized maintaining his current position as long as Bitcoin’s price remains above the $107,000 threshold. Should the price drop below this critical level, the existing bullish formation would be invalidated, he stated. Based on his insights into the expanding inverse triangle formation, Brandt reveals the targets of $120,958 and $134,886. However, these potential outcomes could shift dramatically if the support line fails.
Price Targets in Bitcoin: Analysis of Technical Formations
In Brandt’s chart, an expanding triangle formation has made a remarkable appearance with its upper boundary breaking upwards. This formation reflects Bitcoin 
$77,180 exiting its narrowing consolidation phase and gaining upward momentum. Brandt estimates, using the vertical height of the triangle, that Bitcoin could initially rise to $120,958, followed by $134,886.
However, a closer look at the historical performance of expanding triangles reveals their limited success rate. As the range widens, volatility increases, and investor behavior becomes less predictable. Brandt notes that achieving these target levels is contingent upon buyers maintaining the price within the primary ascending channel. Without this, the formation could falter, evolving into an unexpected downturn pattern.
Critical Support Level of 108,100 Dollars in Bearish Scenarios
Brandt has pointed to $108,100, a level that Bitcoin has struggled to breach for a long time, as a formidable support point. Over recent months, this level emerged as the central axis of Bitcoin’s price action, now serving as the first line of defense for buyers. If Bitcoin closes below $107,000 on a daily basis, it would erase the bullish outlook and pave the way for a more profound correction.
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The veteran analyst reiterated that if Bitcoin falls below $107,000, the bullish scenario would be negated, labeling it as a “critical breakdown.” In such an event, the market would seek out a new technical structure, leaving investors potentially disoriented. At its current level, Bitcoin is traded at $111,074, according to CoinMarketCap data, indicating that it is close to Brandt’s supportive level yet remaining in a generally positive position.
