Brandt Flips Bullish as Bitcoin Surges 27% to $79,500

Veteran trader Peter Brandt has flipped bullish on Bitcoin after it rebounded sharply toward $80,000. The price surge of nearly 27% came after BTC reached roughly $57,717 in July before recovering to about $79,500 on Aug. 21. Brandt had identified the lower range in January, when Bitcoin was trading near $92,400.

Brandt changed his view when Bitcoin completed an inverse head-and-shoulders pattern and broke above its neckline. The technical breakout was strong enough for him to take a bullish position. Bitcoin then climbed from about $62,679 on Aug. 17 to $79,500 four days later.

The latest Bitcoin rally was helped by short liquidations as bearish traders were forced to close leveraged positions. Spot Bitcoin ETFs also added demand, with US funds attracting about $1.92 billion across five sessions during the rally, including more than $500 million in one session.