Support has resisted: Bitcoin rate has risen above $ 7,400
Yesterday, analysts and traders said that the rate of the first cryptocurrency would drop to $ 5,500, but on December 18, Bitcoin pushed off support for $ 6,400 and soared to $ 7,400.
Although many believe that it is too early to draw conclusions, there is a possibility of continued growth. One of these signs is a bullish candle on the chart, usually indicating a change in trend, and also confirming the presence of discrepancies between the RSI and MACD indicators.
Trader Peter Brandt, who said yesterday that Bitcoin will drop to $ 5,500 by July 2020, now believes that the first cryptocurrency has protected an important level and will continue to grow. However, well-known economist and trader Alex Kruger expressed the view that the market is still in a declining phase.
"$BTC 6400 was the first key level below and got strongly defended. This is a bear market though. Contrary to what cheerleaders want people to believe, the halving is not supposed to make longs rich. I bet cheerleaders making predictions do not even know what econometrics means,"
he said.
Recall that recently, an analyst at Currency.com, the cryptocurrency exchange, Mikhail Karhalev, said that after halving the award to miners, the Bitcoin rate could rise to $ 170,000.
