Bitcoin to hit the bottom at $5,500 – Peter Brandt

• Peter Brandt supports the long-term bullish forecast.
• Bitcoin will reach the bottom in the middle of 2020.

Tuur Demeester, another notable figure in the crypto world, draws attention to the fact, the in the long run Bitcoin still moves within a bullish trend from January 2015. However, the legendary trader and tech analyst Peter Brandt believes that bitcoin needs to survive another serious drop before a sustainable quest towards new historic highs.

“Tuur, I think a prolonged journey below the line might be needed to thoroughly prepare BTC for the move to $50,000. The bulls must first be fully purged. When no bulls can be found on Twitter, then we will have a great buy signal,” he wrote in reply to Demeester’s comment.

He thinks that bitcoin will hit the bottom at $5,500 somewhere in July 2020.

“I think you are correct — in terms of price anyway. My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction,” he added.

Not so long ago a fierce debate erupted over miners exodus: some experts believe that miners are dumping the coins they have mined to lock profits.

Despite the bearish sentiment in the market, the bitcoin hash has risen to 111,56 EH/s.

Bitcoin’s technical picture

Meanwhile, at the time of writing, BTC/USD is changing hands at $6,720. After a short period of consolidation, the coin has resumed the decline and tested new multi-month low at $6,593. A sustainable move below $7,000 barrier bodes ill for BTC bulls and signals that more troubles may be ahead.  

Looking technically, the nearest support is located on the approach to $6,500 (Pivot Point 1-week Support 1). Once it is out of the way, the sell-off is likely to gain traction with the next focus on  psychological $6,000.

BTC/USD, 1-hour chart