Brandt Stays Long on Bitcoin as It Tests $82K Resistance

Veteran trader Peter Brandt has confirmed he remains long on Bitcoin despite its recent failure to break above $82,000. On August 28, Brandt posted about his positions on X, including a long position in Bitcoin that he entered after an inverse head-and-shoulders breakout completed on August 20.

The pattern is often seen as a bullish reversal signal when the price breaks above its neckline. However, it's essential to note that this formation does not guarantee further gains. Brandt had previously assigned a roughly 60% probability to another BTC decline but changed his view after the breakout.

Bitcoin has gained approximately 28% during August and is on course for its strongest monthly advance since November 2024. Institutional flows supported the recovery, with U.S. spot Bitcoin ETFs attracting $1.92 billion across five trading sessions during the week ending August 21.