As Bitcoin Approaches $80, Peter Brandt Changes His Bearish Stance

Bitcoin has surpassed the range of $58,000 to $62,000 with its recent recovery. Analyst Peter Brandt had previously set these levels as a pullback target in January, but the recent price movements have called this view into question. Bitcoin rapidly gained value last week following an increase in bond yields and attempts at fiscal stabilization. Approaching $80,000 on Friday, Bitcoin gained momentum as short positions were closed. It rose from $62,679 on August 17 to $79,500 on August 21, before dropping to $76,569. On a weekly basis, it remained up by 21.56%. Brandt expects downward movement in Bitcoin following a collapse in October 2025, during which a $20 billion liquidation occurred. He highlighted the technical tools he previously used on the Bitcoin chart and emphasized that price walls are emerging in the lower regions.

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