Brandt Sticks with Bitcoin as Resistance Zone Proves Tough to Crack
Bitcoin has struggled to break above the $82,000 resistance zone, but veteran trader Peter Brandt remains optimistic about its prospects. Speaking on social media, Brandt revealed that he is long Bitcoin and attributed his confidence to an inverse head-and-shoulders pattern that formed in BTC. This pattern led him to buy Bitcoin, which has since gained around 28% in August.
Brandt's bullish stance on Bitcoin comes as the cryptocurrency trades at around $79,820 at press time, up 1.3% over the past 24 hours. The area around $80,000-$82,000 remains a major resistance zone for BTC, but Brandt believes that if the bulls can overcome this hurdle, they will have the upper hand.
In his social media post, Brandt emphasized that he can exit positions on short notice and warned followers to be cautious. He also revealed that he has an unusually large position in grain markets, which is a significant departure from his typical portfolio.