Veteran trader and market analyst Peter Brandt has reinforced his bullish stance on Bitcoin following its recent breakout to new all-time highs.
According to Brandt, the digital asset has confirmed a technical breakout from a rarely-seen expanding triangle formation, setting the stage for potential upside targets as high as $134,000.
Expanding Triangle Breakout Signals Renewed Bullish Momentum
Brandt identified a broadening wedge pattern, also known as an expanding triangle, as the primary structure driving Bitcoin’s latest price action. This formation is marked by diverging trend lines, with higher highs and lower lows that often signal increasing volatility.
While such patterns come with a historically higher failure rate, Brandt believes Bitcoin’s decisive move above the upper boundary of the formation confirms strong bullish momentum.
The breakout not only represents technical strength but also reflects a major shift in market sentiment. Bitcoin has turned former resistance near $108,100 into support, a level that previously served as a cap during several months of consolidation. Brandt emphasized that this support is now pivotal to the continuation of the current trend.
$107K Becomes the Line in the Sand
According to Brandt, the $107,000 level is now the key price to watch. If Bitcoin drops below this threshold, it would invalidate the breakout and suggest a structural change in the pattern. A failure to hold this level could signal the formation of a new market setup, dampening expectations for immediate upside.
Despite these risks, Brandt remains optimistic. He has outlined two upward price targets based on the measured move of the expanding triangle. The first target is $120,958, while the second pushes higher to $134,886.
These projections are derived from applying the height of the triangle to the breakout point, a classic method in technical analysis.
Broader Market Context Supports Bitcoin’s Rally
Bitcoin’s bullish trend comes at a time when market fundamentals are also leaning in its favor. Institutional interest continues to build, with U.S.-listed spot Bitcoin ETFs recording billions in net inflows since their approval earlier this year.
According to data from BitMEX Research, cumulative inflows into Bitcoin ETFs surpassed $16 billion in June 2025, underscoring robust demand from both retail and institutional investors.
Meanwhile, macroeconomic conditions have remained supportive of crypto. The Federal Reserve has recently paused rate hikes amid cooling inflation, sparking renewed interest in risk-on assets like Bitcoin. Some analysts also believe Bitcoin’s role as a hedge against monetary debasement is attracting increased attention, especially as sovereign debt concerns rise globally.
Bitcoin Maintains Momentum Above Key Support
As of publication, Bitcoin is trading above $110,000, consolidating gains while maintaining its position above the expanding triangle’s upper boundary. This suggests the breakout is holding, reinforcing Brandt’s bullish view. Technical analysts agree that holding this level is crucial for the next leg of the rally.
With Peter Brandt’s price targets now on the radar and broader market conditions aligning in Bitcoin’s favor, traders and investors are closely watching whether the asset can maintain momentum above $107,000. Should this level hold, the stage may be set for Bitcoin’s next attempt toward six-figure territory.
