Peter Brandt Has Flipped Bullish on Bitcoin, Revealing His Strategy for Trading

Brandt, who expected little from Bitcoin a few days ago, has now revealed that he is bullish on the asset.

Peter Brandt, a veteran trader and analyst, has flipped bullish on Bitcoin and revealed his strategy for trading his long position on the pioneering cryptocurrency.

Brandt, who had expected little from Bitcoin a few days ago, now says that he is bullish on the asset. In a tweet today, the analyst revealed that he has opened a long position on Bitcoin, expecting the asset to continue its newfound bullish momentum.

The disclosure comes amid Bitcoin’s quick-fire ascent above $93,000. The premier crypto asset printed a massive candlestick on the daily timeframe yesterday, with an over 6.77% uptick, its largest since Donald Trump announced a US crypto strategic reserve on March 2.

Brandt took a long Bitcoin trade after a confirmed breakout from a descending resistance trendline on the daily time frame.

For context, this supply line had impeded BTC’s price action since its January 20 high, with the asset finally breaking through the resistance last week.

The trendline breakout was a trigger for the long trade, as Brandt had called for caution last week after Bitcoin broke through the supply trend, arguing that trendlines alone do not indicate a shift in market trend.

Further, the analyst viewed the recent price capitulation, which saw Bitcoin hit $74,500, as the asset simply retesting its multi-year inverse head-and-shoulders pattern. According to him, he would not have flipped bullish on the asset based only on the trendline breakout without the “larger perspective.”

While he is banking on higher prices, possibly a retest of the trendline’s origin at $100,000, Brandt noted that he is trailing his stop loss on the long position.

This strategy, he says, is his perspective as a risk-averse, chart-based swing trader.

As Bitcoin had closed a weekly candle above the 5% upper Bollinger Band, a move that usually sparks a countertrend rally, he noted that he prefers to enter trades when the market is showing weakness, not strength.

However, he noted that he is adjusting his strategy to adapt to the current market trends and volatility.

According to him, the massive green candle prints allow him to move his stop loss to breakeven, a cautious move he deems necessary amid the volatility and uncertainties surrounding the market.