Peter Brandt: Bitcoin Price Will Hit $6,500-Mark in Near-Term

Bitcoin could undergo an immediate bearish correction, but it would eventually bounce back towards $6,500, according to Peter Brandt.

The veteran commodity trader said Saturday that the bitcoin price was meeting its crucial resistance level near $5,745, as shown in the chart below. There was a strong probability of the asset undergoing a reversal, which loosely means that traders were not confident to purchase bitcoin at its higher rate. Therefore, the ones who bought the asset near $5,000-support might want to exit their positions on a handsome $745-per-bitcoin profit – more or less.

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