Bitcoin Price Analysis: BTC may become a page in the history books - Peter Brandt

Bitcoin retreated from the intraday high of $6,764 during early Asian hours only to return to $6,670 by press time. Despite the retreat, BTC/USD is still nearly 5% higher from this time on Wednesday, while a sustainable move above $6,500 can be interpreted as a positive signal for BTC bulls.

 Peter Brandt remains a nay-sayer

A legendary commodity trader and a frequent Twitter user, Peter Brandt recently compared Bitcoin with corn and said that the first cryptocurrency become "just a page in history books", while corn will be doing well long after BTC disappears. 

Notably, Brandt was actually commenting corn prices, saying that they dropped to the lowest level in 50 years, which was an unhappy development for farmers. However, it appears that corn is a new jargon word used in the crypto Twitter to refer to Bitcoin. 

Peter Brandt is known for his critical views on digital assets. In the previous month, he said that Bitcoin's time was running out as the coin struggled to cope with the identity crisis. A major sell-off triggered by global coronavirus pandemic crashed Bitcoin to the lowest levels since December 2018 and put his safe-haven status under question. Basically, Bitcoin has to prove its protective features to survive, according to Brandt.

BTC/USD: Technical picture

On the daily chart, BTC/USD is moving along the upside trend line ever since it hit the low on March 13. This line (now at $6,170) serves as strong support, which separates the coin from psychological $6,000 and the recent low of $5,854. These levels create a protective buffer for the first digital coin for the time being. A sustainable move below this area will worsen the immediate technical picture and bring SMA200 weekly at $5,500 back into focus.

On the upside, The next strong resistance area is created by psychological $7,000, followed by SMA100 weekly at $7,150. Once this area is cleared, the upside is likely to gain traction with the next focus on $7,700 (SMA50 daily) and psychological $8,000. Also, SMA100 daily and 23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low at $8,200 create an additional barrier for an extended recovery.

BTC/USD daily chart