Brandt: Bitcoin May Target $76K or Fall to $50K Amid Ongoing Price Surge

Renowned trader and market expert Peter Brandt has fueled speculation about Bitcoin's price trajectory in recent posts on X, hinting that it might target $76,000 or return to $50,000. The surge in Bitcoin price past the $72,500 mark today, coupled with gains in the broader crypto market, has reignited discussions around its potential. Brandt highlighted a major shift in Bitcoin's technical picture, noting that an inverted head-and-shoulders pattern had initially carried downside risks but changed his assessment upon the completed bottom formation.

Brandt entered the breakout trade, accepting the risk that the pattern could still fail for Bitcoin. The chart also highlights this changing structure, with BTC price first struggling around the $60,000 area before building a series of lows and pushing toward the $64,800 neckline and eventually breaking higher. Analyst Aksel Kibar had previously identified $60,000 as technical support and stressed that buyers needed a proper reversal pattern before taking a long position.

Kibar's chart has also shown that BTC might target the $76K level ahead, with the bullish case becoming stronger as Bitcoin price breaks through the $67,200 resistance. However, the bearish scenario also stays in the picture, with a potential failure target around $53,000 and an unsuccessful head-and-shoulders breakout could trigger a move toward $50,000.