Veteran trader Peter Brandt stated that he was still maintaining a long Bitcoin position on August 28, 2026. Through a post on X, he confirmed his stance while the crypto asset was trading around $80,000. Brandt bought Bitcoin on August 20, right after the price broke through the neckline of an inverse head-and-shoulders pattern.
Reversing Course as Pattern Completes
Before the technical pattern fully formed, Brandt had assigned a 60% probability that Bitcoin would continue its downtrend. He promptly abandoned that view once the pattern completed and the price broke above the neckline. This decision aligned with Bitcoin’s performance, which recorded a roughly 28% rally throughout August. The price surge is pushing Bitcoin toward its strongest monthly close since November 2024, a major recovery considering the asset had previously tumbled more than 50% from its October 2025 peak.
Brandt’s current portfolio extends beyond Bitcoin. He holds long positions in wheat, soybeans, corn, soybean meal, sugar, and the Mexican peso, alongside a short position in lean hogs. While detailing his commodity holdings, he did not disclose specific details about his Bitcoin trade. His entry price, position size, leverage level, and exit targets remain undisclosed. Brandt warned that his positions can flip at any time within a single day, making his moves difficult to use as a basis for long-term price forecasts.
Stalled at $82,000
The upward momentum Brandt is targeting has collided with market resistance. Bitcoin broke through the $80,000 level on August 25 for the first time since mid-May. The move reached $81,238 before losing steam. In trading on August 28, the price hit an intraday high of $81,280 and dropped to an intraday low of $78,828. Despite posting daily highs, Bitcoin has repeatedly failed to establish itself above the $82,000 level.
The technical breakout signal Brandt is watching will only be confirmed if Bitcoin prints a daily close and maintains stable trading above the $80,000 to $82,000 zone. Repeated rejections in this area indicate substantial selling pressure whenever the price attempts to climb above that range.
Institutional Support and Macro Factors
Bitcoin’s tug-of-war is playing out alongside steady institutional capital inflows. Across five trading sessions in the week ending August 21, US spot Bitcoin ETFs attracted roughly $1.92 billion in inflows. BlackRock’s IBIT accounted for the largest share of this total capital influx.
Macroeconomic factors have also created breathing room for crypto assets. US Treasury officials announced larger-scale buyback operations for older long-term bonds. This policy move has weighed on the US dollar and pushed long-term yields lower, easing monetary conditions for risk assets. With institutional funds flowing in and macro parameters aligning, confirmation of the market’s broader direction hinges on Bitcoin’s ability to break through resistance at $82,000.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
