Brandt Flips Bullish as Bitcoin Surges Past $79,500

Bitcoin's price surged by nearly 27% after veteran trader Peter Brandt flipped bullish on the cryptocurrency. The recent rally was triggered by an inverse head-and-shoulders pattern and a breakout above its neckline, which led Brandt to change his view from bearish to bullish.

The technical breakout came as Bitcoin recovered from a decline into the $58,000-$62,000 range that Brandt had forecast earlier in the year. The price dropped to around $57,717 in July but rebounded to nearly $80,000 on August 21.

Short liquidations and increased demand from spot Bitcoin ETFs also contributed to the recent rally. US funds attracted approximately $1.92 billion across five sessions during this period, with more than $500 million coming in one session alone.

The macro backdrop improved as long-term Treasury yields and the dollar weakened. However, some analysts may still be cautious about the cryptocurrency's prospects, given its next major test around $79,500-$80,000.