The Bitcoin multi-year trendline will break, says renowned analyst

Two of the most prominent analysts in the industry maintain that a multi-year support trendline could contain Bitcoin from a further drop.

On Nov. 22, Tuur Demeester, a founding partner at Adamant Capital, pointed out that Bitcoin entered a parabolic advance in January 2015.

As BTC plunged to $6,480 on Nov. 18, Demeester noted that this multi-year support trendline was able to prevent this crypto from going lower.

Along the same lines, Peter Brandt, a 45-years trading veteran, highlighted the significance of the support provided by this price level.

According to Brandt, if Bitcoin can bounce off the support trendline, it could break out in an upward direction to begin a new parabolic phase.

Despite the bullish outlook, the analyst explained that if the trendline is not able to hold another downward move, Bitcoin would be bound for a further decline.

Despite the importance that Demeester and Brandt have placed on this support level, Dave the Wave, a technical analyst and Bitcoin investors, claims that multi-year trendlines serve "More as projections rather than support."

"[The new] multi-year straight line on a log chart, whether called a 'parabolic uptrend' or a long-term trendline, is destined to fail.

Although this analyst dismisses the level of support that trendlines can provide, he relies on a "Greater cyclical curve" that is forming since Bitcoin was launched.

Multiple analysts have come out to support the idea that the current price levels present an excellent opportunity to accumulate Bitcoin.