Bitcoin Price Surges 27% as Peter Brandt Flips Bullish After $58K Call

Bitcoin has rebounded sharply toward $80,000 after first falling into the $58,000–$62,000 range veteran trader Peter Brandt had forecast earlier this year.

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 flips bullish

After the decline, 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, a gain of nearly 27%. The latest Bitcoin rally was helped by short liquidations as bearish traders were forced to close leveraged positions.

ETF inflows support the move

Spot Bitcoin ETFs also added demand. US funds attracted about $1.92 billion across five sessions during the rally, including more than $500 million in one session. Recent ETF inflows accelerated as BTC moved back above $69,000.

The macro backdrop also improved as long-term Treasury yields and the dollar weakened. The US Treasury recently 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 clean break above that area would strengthen the bullish setup, while rejection could bring the low-$70,000 range back into focus.

Brandt’s earlier bearish call was ultimately reached. The more important development now is that the same trader has turned bullish after Bitcoin produced a new technical breakout.$80K becomes Bitcoin’s next test

Bitcoin now faces resistance around $79,500-$80,000. A sustained move above that zone could reinforce the bullish breakout, while failure to hold recent gains may return attention to support in the low-$70,000 area.

The longer-term supply story remains unchanged. Bitcoin’s next halving is expected in 2028, when miner rewards will fall from 3.125 BTC to 1.5625 BTC.

Brandt’s original bearish target was therefore not invalidated by Bitcoin’s rebound. Instead, BTC reached the forecast zone first, then produced a separate technical signal strong enough for the veteran trader to reverse his position.

$80K becomes Bitcoin’s next test

Source: coinpaper.com