Brandt Flips Bullish as Bitcoin Price Surges 27% in Four Days

Bitcoin's price has surged by nearly 27% in just four days after veteran trader Peter Brandt flipped bullish on the cryptocurrency.

The sudden change of heart came after Bitcoin completed an inverse head-and-shoulders pattern and broke above its neckline, according to Brandt.

This technical breakout was strong enough for him to take a bullish position, causing Bitcoin's price to climb from about $62,679 on August 17 to $79,500 four days later.

The recent rally was also supported by short liquidations as bearish traders were forced to close leveraged positions, and ETF inflows added demand with US funds attracting about $1.92 billion across five sessions during the rally.