Trading Legend Peter Brandt Says Bitcoin Has Held Major Support Level, BTC Price Surges to $7,400

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Wed, 12/18/2019 - 19:14
Alex Dovbnya
Tuur Demeester and Peter Brandt have noticed that Bitcoin managed to stay above a crucial support level
Cover image via U.Today

UPDATE: The price of Bitcoin (BTC) managed to spike to the $7,400 level after Peter Brandt's tweet. However, it remains to be seen whether the top coin will be able to resist selling pressure and continue holding the support. At press time, Bitcoin is changing hands at $7,148

Commodity trading veteran Peter Brandt has just taken to Twitter to finally share some good news with his army of crypto-loving followers. Brandt says that Bitcoin has managed to hold an important support level, which could potentially weaken the raging bears.    

image by @PeterLBrandt

As reported by U.Today, Brandt predicted that the Bitcoin price could bottom out in the $5,500 region in July 2020.

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However, prior to that, he voiced a bullish scenario that is easily the pipe dream of all BTC hodlers. In case of a falling channel breakout, the leading cryptocurrency would be able to skyrocket to $100,000

According to Tuur Demeester of Adamant Capital, Bitcoin has already touched its diamond-encrusted support twice. It managed to bounce back on both occasions. 

image by @PeterLBrandt

On Nov. 25, he noticed that Bitcoin was still in the middle of its long-lasting parabolic uptrend that started in 2015 despite a drop to the upper-$6,000 area. Back then, this marked the first time when Bitcoin touched the psychologically-important level since March. 

Demeester suggests that Bitcoin might have already endured a quick correction.  

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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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