According to Tuur Demeester, Bitcoin (BTC) can continue the bullish trend if its price exceeds the key resistance level.
According to Tuur Demeester of Adamant Capital, the latest situation of Bitcoin is ‘encouraging’ despite the scattered technical drawing. The analyst estimates that the leading cryptocurrency can continue the bullish trend after exceeding the resistance level of $ 6 thousand 300.
Bitcoin back in the box, imo we’re still in the re-accumulation phase. Looks messy technically, but the rebound is encouraging so far. $ 6,300 could be key resistance level before bull market can resume. pic.twitter.com/nno9alysxm
– Tuur Demeester (@TuurDemeester) March 24, 2020
A Thorny Road
Bitcoin experienced a striking recovery on March 19, when its price increased more than 20 percent. However, the bulls failed to take control on the first try, and the price was strongly rejected at this level. After a two-day unstable situation, the bulls once again raised the price after the U.S. Federal Reserve announced the open-ended QE. At the time of writing, Bitcoin was $ 6,515, according to CoinMarketCap data. BTC is now struggling to break the $ 6,900 resistance level.
Bitcoin Can Fall To $ 2 Thousand
The famous name, Peter Brandt, recently realized that BTC was in the middle of creating a bear flag. If this model is completed, the BTC price may fall to the level of $ 2,000. Demeester spoke of the fact that the situation will not change the bullish attitude in Bitcoin, although he does not ignore it.
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