Bitcoin rebounded sharply to near $80,000, moving well above the $58,000–$62,000 downside zone veteran trader Peter Brandt identified in January. The cryptocurrency rose from $62,679 on August 17 to $79,500 on August 21 during a five-day winning streak before retreating slightly. At the time of writing, Bitcoin was down 0.84% over 24 hours at $76,569 but up 21.56% over the week; it last traded at $80,000 in May. The move followed a recent spike in bond yields, a new fiscal-consolidation initiative and a record short squeeze that forced bearish traders to close positions. Brandt’s target did materialize temporarily after Bitcoin fell to $57,717 on July 1 and traded sideways for months following the October 2025 flash crash and its record $20 billion liquidation. He later said an inverted H&S (inverse head-and-shoulders pattern) with a heavily tested right shoulder had a 60/40 chance of resolving lower, but changed his view after the pattern completed and said he bought the breakout. Brandt has also pointed to price walls, a decades-old technical-analysis tool, at Bitcoin’s 2021 bottom and in the current market.