Judged from a quick, uncritical glance, the Bitcoin market may look feeble and almost out of steam. The current price drawback would seem to suggest as much. However, that may not be the case – at least according to one Tuur Demeester. Tuur is the founder of Adamant Capital, making him one of the most active figures in the crypto space.
In his recent tweet, Tuur Demeester sought to drive point home: That Bitcoin isn’t done yet. In fact, he seems to support a rather radical opinion regarding Bitcoin’s market dynamics as recorded since January 2015. Tuur asserts that Bitcoin’s parabolic chart has shown an uptrend since 2015 and that the crypto is now approaching its support level, something that hasn’t been seen since March this year. Tuur included some graphical data to go with his tweet.
It Will Likely Bounce
Granted, it’s to the first time that analysts and investors have expressed bullish sentiment during Bitcoin’s hard times. Throughout the crypto winter, a lot of big wigs were actually bullish on Bitcoin, and their prospects paid off when Bitcoin finally broke out and headed upwards in April.
In this case, Tuur expressed his belief that although Bitcoin looks troubled at the moment, it’s likely to bounce back up. Given the various prospects from the many respectable analysts in the crypto market, and taking into account the market dynamics expected to come into play as Bitcoin gears up for the 2020 block reward halving, it’s entirely possible that the price will spike.
The Bull Isn’t Dead, Though A Purge Is Likely
In response to Tuur’s analysis, world-renowned veteran trader Peter Brandt, opined that for Bitcoin to truly garner enough momentum to mount a proper bullish move to $50k, a serious purge will need to happen first. This means that the crypto’s price needs to drop further down in order to have a strong buy signal.
Bitcoin’s price has taken a toll over the last few days, even dropping below the $7k mark at one point. The crypto currently trades at around $7,300.