Peter Brandt's 'Horn' Pattern Signals Breakout Above $71,000
On March 16, 2026, veteran trader Peter Brandt identified a rare "Horn" pattern on Bitcoin's daily chart, a formation indicating imminent price instability and a potential breakout. Citing technical analysis principles from Richard W. Schabacker's 1934 book, Brandt projects a bullish scenario where a confirmed move above the $71,000 resistance level could propel Bitcoin towards a target range of $80,000 to $90,000.
However, Brandt also cautioned that the pattern carries significant risk. If Bitcoin fails to break and hold above the $71,000 resistance, the formation would be invalidated. This failure could trigger a sharp price decline toward the $59,400 support level as bullish momentum collapses.
Bitcoin Reclaims $74,000 as $165M in Shorts Liquidate
The market responded with strong bullish momentum, driving Bitcoin's price up over 4% to reclaim the $74,000 level. This rapid ascent triggered a cascade of liquidations, with over $165 million in short positions wiped out within four hours, signaling that bearish bets were overwhelmed. This move for Bitcoin comes as traditional safe-haven assets like gold are facing pressure, with its price falling 0.30%.
The divergence is supported by cooling US PCE inflation data at 2.8% and continued steady inflows into spot Bitcoin ETFs. The bullish sentiment is also echoed by investor Robert Kiyosaki, who contrasted his confidence in Bitcoin's upward trajectory with gold's recent underperformance.
Bulls Watch $74,116 Resistance for Next Move Higher
With the price now trading above its 50-day moving average, investors are closely monitoring the $74,116 resistance level. A decisive daily close above this mark would confirm bullish control and open the path to the next major upside target near $79,297. Technical indicators support the bullish outlook, with the MACD remaining positive and the RSI near 64, suggesting buyers are still in command.
Should the price fail to sustain its momentum above the $74,000 zone, a retest of the $65,700 support area remains a possibility. This makes the current price level a critical pivot point for the market's near-term direction.
