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Legendary trader Peter Brandt has identified an unusual Bitcoin (BTC) price setup on the market. In a post on X, Brandt showed a chart depicting a bullish bottom formation with a flat base and minor pullbacks.
Bitcoin's weak volume and ETF outflows temper optimism
Notably, the chart formation often precedes strong upward breakouts. This is because sellers appear to have exhausted their motives on the market, and buyers are likely to take control. If this is resolved upward, it could lead to a strong breakout that might result in higher prices.
According to the chart, if Bitcoin can sustain a breakout above $92,000, this could trigger a climb to between $94,000 and $95,000 in the short term. A positive sentiment from the broader crypto market could see an extension to the psychological $100,000 level.
However, if Brandt's pattern fails to align and Bitcoin breaks below the $90,000 price, the bullish setup will be invalidated. This might lead to further downside with the coin crashing to between $84,000 and $86,000, or in the worst-case scenario, lower to $70,000 range.
As of press time, Bitcoin is changing hands at $90,212.43, which represents a 2.2% decline in the last 24 hours. The coin slipped from an intraday peak of $92,652.09 to a low of $89,578.31 before a slight rebound to its current level.
However, the rebound to $90,000 has not been able to spark active engagement among users. Bitcoin’s trading volume is down by 18.41% to $43.58 billion. The ecosystem has experienced a significant outflow of Bitcoin exchange-traded funds (ETFs), reawakening concerns about the asset's place on the market.
Additionally, most traders are cautiously reducing their leveraged positions, which has led to a drop in open interest positions. Macroeconomic uncertainties in the U.S. triggered the reduction.
What could determine Bitcoin's rally?
It is worth mentioning that if Peter Brandt’s prediction materializes and Bitcoin crosses $100,000, it could set the coin up for a huge rally. Venture capitalist Tim Draper believes the flagship crypto asset could finally hit $250,000 this 2026.
Draper, however, ties his prediction to Bitcoin's utility in the global financial space. He opines that the more people use the coin for everyday transactions, the faster this price projection might be attained.
On the flip side, Bloomberg’s Mike McGlone has predicted that Bitcoin is at risk of a massive crash if traditional risk assets like stocks become unstable. He links the equity market's stability to the future of Bitcoin.
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