Peter Brandt turns bullish on Bitcoin after technical breakout

Peter Brandt, CEO of Factor LLC and a veteran futures trader, has reversed his bearish outlook on Bitcoin to take a long position following a significant technical breakout.

Previously, Brandt maintained a cautious stance, noting that a developing chart pattern suggested a 60/40 probability of further downside moves amidst a broader negative trend. However, recent price action invalidated this bearish scenario as Bitcoin moved above resistance near $64,000, establishing support and breaking out of a multi-week consolidation range.

On the daily CME Bitcoin futures chart, the price completed an inverted head-and-shoulders pattern, a technical formation signaling a potential bullish reversal. Following this breakout above the pattern’s neckline, the futures contract reached approximately $72,335, marking a daily increase of about $2,585. Brandt stated that he decided to “buy the breakout for better or worse” rather than arguing with the market's new direction.