11-7-2025 – Bitcoin surged to a fresh all-time high of $115,000 on Wednesday, prompting veteran trader Peter Brandt to reaffirm his bullish stance on the digital asset after identifying a key technical breakout pattern.
The cryptocurrency broke above its previous record on the Bitstamp exchange, ending more than a month of sideways consolidation. Bitcoin currently trades around $115,662, according to coinmarketcap data, with Brandt pointing to an expanding triangle formation as the catalyst for the breakout.
The broadening wedge pattern features a rising lower trendline and flat upper boundary, creating a widening price range that recently saw Bitcoin breach the upper resistance. Brandt has identified $107,000 as critical support for his position, with the former resistance level at $108,100 now serving as a floor. A break below $107,000 could invalidate the current bullish setup.
Following the breakout, Brandt has set two upside targets at $120,958 and $134,886, calculated from the expanding triangle’s price range. These projections build on his earlier $118,000 forecast, which the recent price action has reinforced.
Despite the bullish momentum, expanding triangle formations historically carry high failure rates, keeping traders cautious even as recent price movements favor bulls seeking higher levels.
