Peter Brandt Maps Out $56,000 Bitcoin Target in Expanding Triangle

Bitcoin briefly visited $82,000 in the first week of May, though the stay was short-lived. Since mid-May, rising geopolitical risks in the Middle East and heavier ETF outflows have pulled $BTC back down to $65,000.

An analyst who previously called the recent surge a trap has now issued a fresh warning. Veteran trader Peter Brandt, who has spent months telling anyone who'll listen that Bitcoin is due for a pullback, is now flagging a potential move to $56,000.

Brandt, who brings 50 years of market experience to the table, posted on X that Bitcoin is currently carving out an expanding triangle pattern. He noted the formation is a familiar one in BTC's price history and is generally considered reliable. According to his chart, a downward break from the pattern opens the door to roughly $56,000. Brandt did hedge, however: the bearish setup is invalidated if $BTC reclaims $75,000.

"The pattern in the chart is called an expanding triangle. Expanding triangles are very common in Bitcoin. They are also generally considered reliable. For expanding triangles, the target is the height projected from the breakout. A move back above 75,000 would change my analysis." *This is not investment advice.