A Generational Bottom May Be in For Bitcoin at $6,500 as Traders Expect Big Rally

Subsequent to an intense short squeeze on Dec. 18, traders are anticipating an extended bull run as BTC looks to test higher resistance levels. Peter Brandt, a prominent trader and best-selling author, said that bitcoin defended an important support level.

Bitcoin was initially testing a linear line dating back to 2015 and technical analysts warned that a break below it could result in a catastrophic downside movement. During the past four years, the bitcoin price has been moving in line with a parabolic and linear range. In recent weeks, it came close to breaching the two ranges completely. A clean break below it could have led BTC to test much lower support levels in the $5,000 region, which could have triggered miner capitulation.

Reference: https://www.ccn.com/generational-bottom-for-bitcoin-6500-traders-expect-big-rally/

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