Peter Brandt sees BTC in expanding triangle with $56K downside target

Veteran trader Peter Brandt has analyzed on X that Bitcoin is currently forming an expanding triangle pattern, which he noted is a reliable formation that has frequently appeared in the asset's price history. According to a chart shared by Brandt, a downside breakout from this pattern would target a price of approximately $56,000. He added, however, that the analysis would be invalidated if BTC establishes a position above $75,000.