Bitcoin Breaks $112K, Holds $107K Support, Eyes $120K+
Veteran analyst Peter Brandt has maintained a long Bitcoin position after a decisive breakout above $112,000 on Bitstamp. This move confirms bullish momentum and pushes Bitcoin towards fresh all-time highs.
Brandt points to $107,000 as a critical support level; a breach could invalidate the uptrend and trigger a sharp correction. He also notes $108,100 as secondary support.
Based on the expanding triangle pattern range, his post-breakout price targets are $120,958 and $134,886. However, Brandt warns that expanding triangles have high failure rates and advises traders to set stop-loss orders and manage risk carefully.
This technical setup offers clear entry points and profit benchmarks for both short-term traders and long-term investors as Bitcoin approaches the $120,000 mark.
Bullish
The breakout above $112,000 and the confirmation of bullish momentum suggest upside potential for BTC. Holding the $107,000 support level reduces near-term downside and may boost trader confidence. Brandt’s upward targets at $120,958 and $134,886 provide clear profit goals, supporting further price appreciation. Although the warning about high failure rates in expanding triangles introduces caution, the overall sentiment remains positive, encouraging both short-term traders to enter long positions and long-term investors to hold BTC.