Bitcoin avoided a deeper pullback when the bulls responded promptly to push the price above $ 7000

As AZCoin News just reported, Bitcoin price jumped more than 10% to $7340 today after declining to a multi-month low. This can be seen as a spectacular reversal from the $ 6400 low area.

This bullish reaction occurred after BTC touched a key support line when it approached the recent lows. This shows that the bulls now have more power than they previously thought.

The recovery of Bitcoin has led to an increase in the price of most altcoins, including some altcoins rise more than No.1, with a two-digit percentage increase. Featured in the top 20 cryptocurrencies are EOS (+ 10%), Cosmos (+ 15%), HoubiToken (+ 11%).

Many industry experts have shown optimism after Bitcoin’s rebound. Peter Brandt, Tuur Demeester, and Alex Krüger have confidently asserted that Bitcoin has surpassed the key support level.

Legendary trader Peter Brandt shared some good news with the “bitcoin fan” on Twitter.
Brandt said that Bitcoin has managed to hold the key support level, potentially weakening the raging bears.

According to a previous AZCoin News report, Brandt predicted that Bitcoin’s price could bottom out in the $ 5,500 area by July 2020.

However, he later spoke of a price hike scenario that is not the distant dream of the BTC bulls. In case of a breakout, King of Cryptos will be able to skyrocket to $ 100,000.

According to Adamant Capital analyst Tuur Demeester, Bitcoin has touched diamond support twice, and both times it has gathered enough motivation to bounce off.

He found that Bitcoin was still in the middle of a protracted parabolic uptrend that started in 2015 despite having dropped to the region above $ 6,000. Earlier, this marked the first time when Bitcoin hit an important psychological level since March.

But, Demeester suggests that Bitcoin may have endured a quick correction.

Meanwhile, trader Alex Krüger thought that BTC has bottomed out and advised everyone to hodl because the halving is not far away.

Because the bulls can defend this level energetically and spark sustainable momentum, it seems that $ 6,400 could eventually mark a long-term bottom, allowing the market to experience a much-needed relief rally finally.

If BTC can sustain above the previous support at $ 7,000 in the short term, the bulls can repel the tide of the recent downtrend, allowing Bitcoin to record a bullish close for 2019.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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