Top crypto analyst and trader Peter Brandt has flipped bullish on Bitcoin after identifying a bullish reversal pattern on the BTC chart. The analyst is optimistic that Bitcoin price might flip the $100,000 psychological level and explode to $101,000.
Peter Brandt Flips His Bearish Bitcoin Price Forecast to Bullish
Bitcoin price today trades at $82,100 with a 1.5% decline in 24 hours and a daily low of $81,362. The downtrend comes amid a massive capital outflow from risk assets after President Trump noted that the reciprocal tariff push would apply to all countries.
However, despite the bearish headwinds, Peter Brandt has opined that the BTC price might be on the verge of a trend reversal. In his analysis, Brandt identified a head and shoulders pattern that hints towards an uptrend.
Nevertheless, Brandt remained skeptical about the reliability of the pattern due to the sloping necklines. He stated that an inverse head and shoulders pattern with a horizontal neckline was “far more reliable.”
While responding to Brandt’s analysis on X, Nat Robbins shared an even higher price target noting that Bitcoin will reach $135,000. He said,
“I think this is just a retest of the neckline of the largest inverse H&S pattern. The target is still $135,000. I see no reason why this latest and largest one won’t meet its target.”
Despite the bullish forecast, several signs indicate that the Bitcoin bull run might be over.
On-chain Data Shows Mixed Signals on Bitcoin
On-chain data makes a bearish case for Bitcoin price and indicates that there is a risk for more downside. Data from CryptoQuant shows that the 30-day Market Value to Realized Value (MVRV) has formed a death cross after crossing below the 365-day MVRV.
Per analyst Yonsei, this crossover suggests that the short-term momentum has weakened, increasing the risk of the downward pressure. More importantly, the analyst noted that there was no sign that the bottom was in yet, further highlighting a bearish Bitcoin price prediction.
However, despite the MVRV showing a heightened risk of further downward pressure on the price of Bitcoin, exchange supply data indicates that some traders are moving their Bitcoin from exchanges, which leans towards accumulation.
Popular analyst Ali Charts noted that in the last week, more than 30,000 BTC has left exchanges. This hints that the recent dip may have pushed Bitcoin to an accumulation zone.
As analyst predictions and on-chain data show a mixed market sentiment, BTC traders should watch out for the price defending the $80,000 support level. If Bitcoin manages to hold above this zone, it could fulfill the bullish price forecast. Conversely, if BTC drops below $80,000, it might cause more panic selling.
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