Peter Brandt has flipped bullish on Bitcoin, revealing his strategy for trading his long position on the pioneering cryptocurrency.

Brandt, who expected little from Bitcoin a few days ago, has now revealed that he is bullish on the asset. In a tweet today, the veteran trader 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 Takes the Bitcoin Trade Amid Breakout

Notably, 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.

Meanwhile, Brandt noted that the breach of the trendline was a trigger for the long trade. Recall that he called for caution last week after Bitcoin broke through the supply trend, arguing that trendlines alone do not indicate a shift in market trend.

Furthermore, the analyst revealed that he 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.”

Analyst Shares Risk-Averse Strategy

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. He revealed that this strategy is his perspective as a risk-averse, chart-based swing trader.

He stated that Bitcoin’s 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.

Prominent Watcher Warns of Retest

Meanwhile, Shanaka Ansklem Perera, the CEO of Pet Express and a prominent researcher in blockchain and AI, has warned of a possible Bitcoin retest to the support between $89,500 and $91,000.

Responding to Brandt’s analysis, he noted that while his quantum-tinged analysis suggests further expansion to the next Fibonacci extension at $99,416, there is a need for short-term caution.

Peter, greatly appreciate your insight and kind words especially given your legendary charting rigor. Your methodical entry and exit strategy based on 5% weekly Bollinger Bands is prudent, particularly given the current volatility spike and market conditions. As you aptly note,…

— Shanaka Anslem Perera ⚡ (@shanaka86) April 23, 2025

Perera highlighted the logic behind his bias, including the RSI (14) indicator’s trend, which is above 85 and well into overbought territory. Furthermore, he stressed a notable gamma squeeze in the options market, indicating that spot-buying activities do not fully back Bitcoin’s current bullish momentum.

Additionally, the market watcher noted that Bitcoin’s decoupling from risk-on assets like the NASDAQ and SPY may be temporary and asserted a speculative divergence to recalibrate with the asset class. Perera views the outperformance with a Z-score of 3.4 as abnormal, warning that Bitcoin might plunge to recouple.