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According to Tuur Demeester of Adamant Capital, Bitcoin’s recent rebound is ‘encouraging’ despite its messy technical picture. The analyst predicts that the coin could resume its bull trend after overcoming the $6,300 resistance level.
A thorny path to $7,000
Bitcoin staged a stunning recovery on March 19 when its price surged by more than 20 percent. However, the bulls failed to seize control on the very first attempt, and the price was violently rejected at this level.
After two days of indecisive trading, the bulls once again pushed the price higher after the U.S. Federal Reserve announced open-ended QE. At press time, they are vying to flip the $6,900 resistance level, with the top cryptocurrency changing hands at $6,515.
Bitcoin could still hit $2,000
Legendary commodity trader Peter Brandt recently noticed that BTC was in the middle of forming a bear flag. If this pattern gets completed, the price of the benchmark coin could collapse to the $2,000 level.
While Demeester didn’t rule out that this could be the case, he did mention that this wouldn’t change his bullish stance on Bitcoin.