Veteran trader Peter Brandt has reversed his Bitcoin stance, buying the breakout after the cryptocurrency completed a technical pattern that contradicted his earlier bearish outlook. Brandt had forecast a decline toward the $58,000–$62,000 range in January, when Bitcoin was trading near $92,400. That downside target eventually materialized when BTC dropped to $57,717 on July 1. However, the market subsequently reversed as stronger momentum pushed Bitcoin through several important technical levels.
Bitcoin climbed from $62,679 on August 17 to $79,500 on August 21, a gain of nearly 27% in four days. BTC later traded around $76,569, representing a weekly increase of roughly 21.56%. A record short squeeze helped accelerate the recovery, as bearish traders rushed to close leveraged positions, adding buying pressure. Brandt noted that Bitcoin completed an inverse head-and-shoulders bottom and broke above its neckline, providing enough technical evidence for him to switch positioning. He also highlighted the reappearance of Bitcoin price walls, a tool he previously referenced around the 2021 market bottom.
Spot Bitcoin ETF inflows provided additional demand during the rally. U.S. funds attracted about $1.92 billion across five sessions, including more than $500 million in one session, with inflows accelerating as BTC moved back above $69,000. The macro backdrop also improved as long-term Treasury yields and the dollar weakened. The U.S. Treasury increased the maximum size of certain long-dated bond buybacks from $2 billion to at least $4 billion per operation.
Bitcoin now faces its next major test around $79,500–$80,000. A decisive break above that zone could reinforce the bullish setup, while failure to hold recent gains may return attention to support in the low-$70,000 area. The longer-term supply story remains unchanged, with Bitcoin’s next halving expected in 2028, when miner rewards will fall from 3.125 BTC to 1.5625 BTC.
