Bitcoin price surged above $70,000, trading at $73,187 at press time, up by 7.52% in 24 hours and by 6.48% weekly. The move comes despite geopolitical fears and rising oil prices, as crypto markets extend gains. Veteran trader Peter Brandt said this week that the current setup could signal a shift from the bearish trend that followed October’s peak.
Bitcoin Price Action Prompts Peter Brandt’s Shift
Peter Brandt’s comment follows months of bearish calls after the October high. Brandt previously lowered his BTC price crash target, with him projecting a longer-term cycle bottom around October 2026.
However, his latest remarks suggest a near-term change. He addressed the latest Bitcoin price structure in a post on X. He said, “I view this as potentially the significant change of price behavior since the top in Oct.”
According to Brandt’s shared chart, Bitcoin formed a clear bearish structure from the late October peak near $127,500. Price then broke below $105,000 and later lost key support around $82,500. That breakdown confirmed downside momentum and led to a sharp drop toward the $65,000 to $60,000 zone.
Source: Peter Brandt
A brief recovery attempt failed, which led to another sell-off before February’s low. However, Bitcoin price now trades near $73,187, consolidating inside a short-term rising channel. Immediate resistance is between $75,000 and $78,000. Support levels are at $65,000 and then $60,000.
Tom Lee and Analysts Weigh In
Following Brandt’s post, Bitmine chairman Tom Lee reacted to Brandt’s post on X, writing, “Potential inflection/ change Bitcoin.” Recently, as CoinGape reported, Lee said the structure is looking like the makings of a bottom. Tom Lee pointed to a possible March turnaround to support broader crypto recovery.
Meanwhile, analyst Ted Pillows cited Coinbase data to highlight demand. According to him, the Coinbase Bitcoin Premium reached its highest level since October 2025. He described the activity as continuous buying pressure.
Source: Ted
In addition, Milk Road analyzed repeated Bitcoin price resistance near $71,500. He noted that Bitcoin faced four rejections at that level within a month. However, he argued that supply conditions may be shifting.
Milk Road pointed to $225.2 million in Bitcoin ETF inflows in one day and $458.2 million the previous day. That totals nearly $700 million in 48 hours. He also added that such flows could push year-to-date ETF totals back into positive territory.
Source: Milk Road
Tariff Pressure and Policy Developments
Despite the positive price momentum, macro risks remain in focus. U.S. Treasury Secretary Scott Bessent said a 15% global Trump tariff rate will likely begin this week, which could influence the Bitcoin price. He added that rates could return to prior levels within five months.
However, policy developments also matter. Milk Road cited comments from President Donald Trump regarding the crypto market bill, or CLARITY Act. Trump urged lawmakers to pass market structure legislation quickly, framing crypto regulation as critical for U.S. competitiveness.
According to Milk Road, the proposed bill would provide regulatory clarity for institutional investment beyond major tokens like Bitcoin, Ethereum, and Solana. It could further boost the Bitcoin price and broader crypto market outlook. He argued that combined ETF inflows, potential seller exhaustion, and legislative support create a different setup from prior rejection attempts.
Source: https://coingape.com/peter-brandt-flips-bullish-predicts-bitcoin-rally-as-price-holds-above-70k/
