Peter Brandt Withdraws Bearish Bitcoin Call, Says He Bought the Breakout

A prominent analyst acknowledged that his bearish call on Bitcoin was wrong.

On August 21, Peter Brandt wrote on X, formerly known as Twitter, that there had been reasons to expect Bitcoin to fall, but the outlook changed once an inverse head-and-shoulders bottom pattern was completed. He said he bought Bitcoin at the breakout.

Brandt pointed to the inverse head-and-shoulders pattern that recently appeared on Bitcoin's chart. The formation is a bullish signal that emerges after a sharp drop, a bottoming process and a rebound.

He said he had initially put the odds of a further decline in Bitcoin at about 60%. The right shoulder of the inverse head-and-shoulders pattern had lasted longer than expected, he wrote, and the broader price trend had also been downward.