Legendary trader Peter Brandt of Factor LLC has taken a long position in Bitcoin, completely reversing his previous bearish outlook. This decision was prompted by a decisive breakout above the $64,000 resistance level, which ended a multi-week consolidation and broke above the neckline of an inverted head-and-shoulders pattern on the daily chart of CME Bitcoin futures. Bitcoin’s price reached approximately $72,335 during the trading session, posting a net daily gain of $2,585. Brandt explained that he « bought the breakout, » acknowledging that the chart pattern had changed his market view. In response to criticism about his initial 60/40 downside probability assessment, the trader emphasized the importance of the law of large numbers in risk management.
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