Bitcoin Price Could Continue Surging if $6,500 Bottom Holds: Trading Legend Peter Brandt

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Mon, 12/23/2019 - 14:44
Alex Dovbnya
Bitcoin might have finally found its bottom, and now it's ready to rocket up, according to trading legend Peter Brandt  
Cover image via 123rf.com
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Trading veteran Peter Brandt has taken to Twitter to share his latest take on Bitcoin's price action. While warning his followers that he doesn't deal with probabilities, Brandt has outlined two possible scenarios for the top cryptocurrency.  

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A historic bullish divergence 

According to the bullish one, the BTC price is expected to continue going up if it doesn't drop below $6,500 level. BTC revisited the aforementioned level on Dec. 18, which was followed by a strong bull move to $7,300 that happened the day after. 

At the time of writing, BTC is trading at $7,576 after a 5.6 percent daily increase, CoinStats data shows.  

Trader Scott Melker recently spotted "a massive bullish divergence" on the Bitcoin price chart. This is the fourth one since Bitcoin reached its all-time high of nearly $20,000. The previous three resulted in massive gains for BTC (including the shocking moonshot from $7,400 to $10,400 on Oct. 25).  

image by @scottmelker

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If things go south 

Brandt also reiterated his bearish scenario where he expects the Bitcoin price to reach a new bottom not earlier than July 2020. This would mark 12 months since Bitcoin reached its 2019 price peak of $13,700. 

In his recent series of tweets, Brandt explains he specifically targets this level because very few traders find it plausible. However, Bitcoin's price action was actually bearish after its previous two previous halvenings.  

Will Bitcoin drop below the 6,500 level in the short-term? Share your own predictions!  

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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, can be contacted at alex.dovbnya@u.today.

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