Peter Brandt, legendary futures trader and CEO of Factor LLC, opened a long position in Bitcoin, leaving behind his previous bearish stance. The veteran analyst’s decision comes in response to a decisive technical breakout that invalidated the prior bearish consolidation, driving the price on CME futures contracts toward $72,335 with a notable daily gain.
There was a reason to have expected a downside move in Bitcoin. An inverted H&S with a belabored right shoulder has a 60/40 chance to be resolved to the downside. And, the trend was down. But the completion of the H&S bottom changed that. I bought the breakout for better or worse pic.twitter.com/kTwU9SZHXh
— The Factor Report (@PeterLBrandt) August 20, 2026
This 180-degree turn occurred after completing an inverse head and shoulders bottom pattern on the CME futures daily chart. Although Brandt previously estimated a 60% probability of a decline due to the prevailing downtrend, breaking above key resistance at $64,000 confirmed buyer strength and triggered the systematic buy signal.
Looking ahead to upcoming sessions, the market will monitor whether Bitcoin consolidates this new technical support to sustain its bullish momentum. Brandt defended his immediate entry by recalling that rigorous risk management and the law of large numbers always prevail over any personal bias.
Source: https://x.com/PeterLBrandt/status/2090406439864930598
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