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