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Bitcoin (BTC) Price Level That Could Resume Bull Trend Revealed by Tuur Demeester

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Tue, 03/24/2020 - 05:58
Alex Dovbnya
Bitcoin (BTC) could resume the bull trend if its price overcomes this key resistance level, according to Tuur Demeester
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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. 

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Tuur Demeester Shares His Take on Bitcoin (BTC) Price: $9,000 Is Likely Resistance

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. 

Related
Tuur Demeester: Bitcoin (BTC) Halving is Not Priced In, Here's The Proof

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. 

 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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