According to Tuur Demeester of Adamant Capital, a well-known cryptocurrency KOL, Bitcoin's recent rally has been "encouraging" despite its technical clutter. Analysts predict that Bitcoin may resume its bullish trend after overcoming resistance at $ 6,300.
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"Bitcoin is back and we are still in the re-accumulation phase. Technically it looks messy, but the rebound so far is encouraging. Until the bull market recovers, $ 6,300 may be the key resistance level."
The difficult road to $ 7,000
On March 19, the price of Bitcoin soared by more than 20%, achieving an amazing recovery. However, the bulls failed to seize control at the first attempt, violently rejected the price at this price, and failed to hit $ 7,000.
After two days of price lingering, the bulls once again pushed bitcoin prices higher after the Federal Reserve announced its open quantitative easing (QE) policy. As of press time, they are trying to break through the resistance of $ 6,900, the top cryptocurrency trading at $ 6,515.
Bitcoin could still fall into $ 2,000
The legendary commodities trader Peter Brandt recently noticed that BTC is forming the banner of a bear market. If this model is completed, the price of this benchmark coin may fall to the level of $ 2,000.
Although Demeester does not rule out this may be the case, he did mention that this will not change his bullish stance on Bitcoin.
"I know that Bitcoin is already above $ 6,300 today, but I'm not sure if it will remain. For example. We may be in bear flag mode. Of course, this will stop me. But I experienced it back in 2017. After that, I will not change my bullish stance on BTC unless I see fundamental changes. "