Bitcoin stalls below $82,000 as trader Peter Brandt stays long

Veteran trader Peter Brandt confirmed on August 28 that he is still long Bitcoin after buying on an inverse head‑and‑shoulders breakout that completed on August 20. At the time of writing Bitcoin was trading around $79,771, up roughly 1.2% for the session, after reaching an intraday high near $81,280.

Technical context

Brandt’s entry was triggered by a breakout above the neckline of an inverse head‑and‑shoulders pattern, a formation that many technical analysts view as a potential bullish reversal. The price has since tested the $80,000‑$82,000 range multiple times but has not produced a sustained close above $82,000, leaving the level technically significant but not yet confirmed as breakout resistance.

Market backdrop

Bitcoin has risen about 28% in August, positioning it for its strongest monthly gain since November 2024 after a decline of more than 50% from its October 2025 peak. Institutional inflows have supported the rally, with U.S. spot Bitcoin ETFs attracting roughly $1.92 billion over five sessions ending August 21, led by BlackRock’s IBIT. Treasury market dynamics, including larger buybacks of long‑dated securities and a weaker dollar, have also contributed to the upward bias.

Brandt’s disclosed positions

In an X post, Brandt listed several active trades alongside Bitcoin, including long positions in wheat, soybeans, corn, soybean meal, sugar and the Mexican peso, and a short position in lean hogs. He did not disclose entry price, size, leverage or stop levels for Bitcoin and warned that his positions could change within a single trading day.

What to watch

The next key test for Brandt’s Bitcoin setup is a daily close and continued trading above the $80,000‑$82,000 band. A failure to hold that range could shift focus back to the recent low near $78,828. Because Brandt has not published his risk parameters, the exact invalidation level remains unknown.