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

News
Tue, 01/14/2020 - 18:59
Alex Dovbnya
Tuur Demeester of Adamant Capital is certain that BTC is now poised to face the $9,000 resistance due to a bullish technical picture
Cover image via U.Today
Contents

Tuur Demeester, a founding partner of Adamant Capital, has noticed that Bitcoin (BTC) finally managed to record an upside break of the six-month falling channel. Now, it's about time for the leading cryptocurrency to test the $9,000 resistance level. 

Related
There Is 'Strong Probability' That Bitcoin (BTC) Price Touches $14,000 in 2020: Fundstrat's Tom Lee

Is a key bearish narrative over? 

The bear channel that started to form when BTC plunged from its 2019 high of $13,875 had been the most pervasive taking point of Bitcoin bears.  

Trading veteran Peter Brandt said that Bitcoin's inability to break out of the channel could result lead to a new local bottom in June 2020 at about $5,300.

However, it seems apparent that the BTC price has finally managed to achieve the feat because of its latest rally. 

image by @TuurDemeester

Brandt opined that the bearish formation could soon as a launching pad for a new parabolic phase that could take BTC to $100,000 as early as in 2020.     

Related
Peter Schiff Reveals the Real Reason Behind Bitcoin's Price Rally

A thorny path to $9,000

Jan. 14 turned out to be another amazing day for Bitcoin with the top cryptocurrency surging by more almost nine percent over the last 24 hours. At the time of writing, it is changing hands at $8,847.  

image by coinstats.app

That said, the bulls will soon inevitably have to face the $9,000 resistance level that could be hard to crack. According to Scott Melker, this could be the right time to put some money off the table since the crypto king faces the key hurdle on numerous time frames. 

image by @scottmelker

Related
Peter Schiff Reveals the Real Reason Behind Bitcoin's Price Rally

A strong start in 2020 

Whether Bitcoin manages to break the $9,000 level or not, it has already had a wild ride in 2020. According to crypto analytics startup Skew, BTC has had its best start since 2012 this year.    

image by @skewdotcom

Will BTC stumble at $9,000? Share your take in the comments!

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.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy