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0:00:00 Bitcoin Price Will Hit $6,500-Mark in Near-Term: Veteran Commodity Trader
0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 Bitcoin could undergo an immediate bearish correction, but it would eventually bounce back towards $6,500, according to Peter Brandt.
0:00:21 The veteran commodity trader said Saturday that the bitcoin price was meeting its crucial resistance level near $5,745, as shown in the chart below.
0:00:31 There was a strong probability of the asset undergoing a reversal, which loosely means that traders were not confident to purchase bitcoin at its higher rate.
0:00:39 Therefore, the ones who bought the asset near $5,000-support might want to exit their positions on a handsome $745-per-bitcoin profit - more or less.
0:00:49 However, that does not mean that bitcoin’s ongoing uptrend could end.
0:00:53 Brandt said the asset could move towards $6,500 as traders repurchase it near the fresh session lows.
0:00:60 “There is a chance is topping here, having met its price target at key resistance.
0:01:04 Two key components serve the basis of Brandt’s $6,500 price prediction for bitcoin.
0:01:11 NewsBTC has simplified them as shown in the chart below.
0:01:15 We have also added our bull target to keep the discussion going.
0:01:19 Bitcoin has confirmed a breakout above its bull flag formation and is now testing $5,783 as its near-term resistance level.
0:01:28 Brandt has highlighted the area for its historical significance.
0:01:32 One can notice the black horizontal line in the chart above acting as a critical support level to the bitcoin’s downside action.
0:01:39 In July 2018, the asset briefly pulled back from $5,783 to initiate a bull run that would eventually settle towards $8,500.
0:01:49 And now, the level is back in view as bitcoin’s price target - this time to the upside.
0:01:54 Cheers, Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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