Bitcoin clings to $20K as analysts warn of a long, bumpy ride for the foreseeable future

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Bullish cryptocurrency traders hoping the market is on a higher path received a dose of reality on June 29 as the price of Bitcoin (BTC) fell again below $ 20,000 during intraday trading.

Data from Cointelegraph Markets Pro and TradingView shows that the highest cryptocurrency fell under pressure in the early trading hours on June 29 with bears managing to drop BTC to a daily low of $ 19,857 before a price was offered back above the $ 20,000.

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BTC / USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts are saying comes next for Bitcoin as it struggles to gain momentum and break free from the current price range.

Prepare for hack summer

A word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who posted the following diagram showing one possible path that BTC could take in the coming months.

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BTC / USDT 1-day chart. Source: Twitter

IncomeSharks said,

“More people end up losing money in hack zones than the big drop zones. I’m bullish in the medium term for many reasons. This summer is about swing trading and accumulation. I’m going to risk / sell a majority at the end of November / December.”

The possibility of a stronger withdrawal was also noted by Twitter user Altcoin Sherpa, who posted the following diagram citing the importance of the $ 20,000 level.

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BTC / USD 4-hour chart. Source: Twitter

Altcoin Sherpa said,

“About 20K will be a pretty important area in lower time frames; miss that and we see a move to the low range around 17K again IMO. If this area is the bottom, I expect to see 17-18K tested again to be honest.”

Price could drop to $ 16,400

According to Rekt Capital, the fresh price action mirrors other bear markets and could give some clues as to where the bottom will be.

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BTC / USD 1-week chart. Source: Twitter

During the week of June 20, Bitcoin saw a similar buying volume as it experienced during the bottom of the 2018 bear market, near the 200-week moving average (MA).

Rekt Capital said,

“During the formation of the 2018 fund however, that buyer volume preceded an additional -20% deterioration. If $ BTC were to fall an additional -20% soon, price would reach ~ $ 16,400.”

Related: Bitcoin holds $ 20K as ECB warns inflation may never return to pre-COVID lows

Consolidation leads to accumulation

A more positive outlook was offered by Twitter user Miles J Creative, who posted the following diagram supporting the thesis that “boza phase is coming.”

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BTC price versus 1 year + HODL wave. Source: Twitter

The analyst said,

“In the history of Bitcoin it has only had the current cumulative structure coming out not entering bear markets. Maybe this time is different but accumulation says a bull phase is coming. “

The overall market cap of cryptocurrency now stands at $ 897 billion and the dominance of Bitcoin is 42.7%.

The opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you need to do your own research when making a decision.