Bitcoin kicked off its daily trade chart with a <a href="https://www.cryptoknowmics.com/crypto/bakkt-futures-attracted-only-usd-5-million-in-its-first-week/">s</a><a href="https://www.cryptoknowmics.com/crypto/bakkt-futures-attracted-only-usd-5-million-in-its-first-week/">teep perfomanc</a><a href="https://www.cryptoknowmics.com/crypto/bakkt-futures-attracted-only-usd-5-million-in-its-first-week/">e</a> above the $7,100 price level. At that point, the leading crypto bounced off towards a daily low of $6,560 and then moved towards its press time trading price around $7,231. Meanwhile, a minor gaining momentum within a tumultuous 24 hours although below the 1% trail. Nonetheless, Bitcoin is at a 12% weekly down from the $8,100 weekly open, and sadly; within a month of a reverse crypto rally, investors have lost upto $1,800. Furthermore, the BTC/USD pair is facing support shortage towards the $5,000 bearish confluence and could trade within the range for a while.  Let's take a look at the situation.
<h2>Major Crypto to Spend Several Months Trading at $5,500</h2>
Peter Brandt, a commodities trader and technician  revealed that Bitcoin could spend even months trading within the $5,500 support before correcting upwards. The trader popular for his accurate predictions gave an actual prediction of the December 2017 bull run. Brandt wrote: 
<blockquote>“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 the market ...I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”</blockquote>
Furthermore, other analysts such as Willy Woo and Trader Tone Vays echoed similar predictions, claiming that Bitcoin still faces threats of hitting $4,500. Popular crypto analyst Filb Filb also noted similar sentiments to the mix of negative opinions: 
<blockquote>“I’m totally back in cash now. There doesn’t seem to be obvious sign of reversal. Going to sit on the sidelines until there is more indication.”</blockquote>
On the other hand, major altcoin <a href="https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-bitcoin-cash-ethereum-litecoin-european-wrap-22-november-201911221248">Ethereum follows behind Bitcoin Cash</a> after a painful drop the past few days. The coin bounced of its 24-hour low at $134, before taking position slightly above the bottom, to $147. Nevertheless, Ethereum is showing mild recovery signs of around 0.7% on the daily trade chart. 

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Crypto Markets Situation on the Daily Trade, BTC at $7,200

Bitcoin kicked off its daily trade chart with a steep perfomance above the $7,100 price level. At that point, the leading crypto bounced off towards a low..

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Crypto Markets Situation on the Daily Trade, BTC at $7,200

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