Bitcoin Price Analysis: It's a make-or-break time for Bitcoin - Peter Brandt

The trading veteran believes that Bitcoin has to solve the identity crisis as soon as possible.
BTC/USD stays in a tight range amid market uncertainty.

Tanya Abrosimova Independent Analyst

A trading legend Peter Brandt believes that Bitcoin's time is running out. The coin must cope with the identity crisis to survive.

I do not personally think BTC even has that much time to declare itself true or false, Peter Brand wrote on Twitter in a reply to a question whether BTC had about 24 months to demonstrate its true purpose.

The discussion is rooted in Bitcoin's reaction to the ongoing crisis in the financial markets. The first cryptocurrency was supposed to serve as a safe-haven during turbulent times, but it dropped together with equities and other risky assets instead. As a result, many traders and investors placed a big question mark over its safe-haven features.

Peter Schiff added fuel to the flame

He pointed out that Bitcoin failed to recover with other assets.

Congratulations Bitcoin hodlers. It looks like #Bitcoin may actually be living up to its status as a non-correlated asset after all. Every asset class is rallying today except Bitcoin!

Meanwhile, BTC/USD is changing hands at $6,650, mostly unchanged both on a day-to-day basis and since the beginning of Friday. The first digital coin has been locked in a tight range for the last three days, thus a breakthrough in either direction may lead to violent moves.

BTC/USD: Technical picture

On the upside, the initial resistance is created by $6,900 with the intraday high just below this level. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,000 and $7,130 reinforced by SMA100 weekly. This barrier stopped the recovery earlier this week and may serve as a reversal point during the next bullish wave. A sustainable move higher will bring $7,500 (SMA200 4-hour) and psychological $8,000 back into focus.

On the downside, the local support comes at $6,550. This is a lower boundary of the recent consolidation channel reinforced by SMA100 1-hour. If it is broken, the sell-off may gather pace and take the price to $6,300 (SMA200 1-hour) and $6,000.