Bitcoin struggles to secure $9k support as expert predicts a collapse

Bitcoin (BTC) price has been making a considerable effort to break the $9k resistance level over the past seven days. Its price kept approaching this level, briefly breaking it, only to drop back below and try again. This crisscrossing has been going on for a week now, with the coin once again managing to go above $9,000 earlier today.

Of course, the coin's goal is to try and make this level its next major support. However, it seems to be missing the strength to fully complete this task.

Bitcoin’s strength impresses analyst

The coin needed a lot of effort to breach numerous resistances and rise from the mid-$7,000 range. The levels that held it in check were strong and well-established, and breaking them was not easy. Michael van de Poppe spoke of the coin's performance recently on his Twitter account. “I've to say. Since that crash to $3,750, I'm impressed by the strength of $BTC as an asset,” he said.

He added that BTC is doing well even now, despite its struggle to go beyond $9k. In fact, the fact that it sits this high is very impressive, according to him. He believes that BTC would be 'doing pretty well' even if it crashed and dropped back to $6k.

Another analyst has a different view

Considering that it previously rose from the mentioned bottom of $3,750, it is understandable why Michael van de Poppe thinks so. However, not everyone has such a bright outlook on Bitcoin. Peter Schiff, a major gold supporter, continues to doubt the real strength of the Bitcoin market.

He recently predicted Bitcoin's soon collapse. Not only that, but he also doubted that the halving would lead to the Bitcoin price rise. “A consensus trade is crowded and usually doesn't pan out as the crowd expects. I can't think of a more consensus trade in #Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish.”

https://twitter.com/PeterSchiff/status/1257811701384261633

Of course, Bitcoin's historic post-halving behavior makes a strong case against this statement.