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

Bullish cryptocurrency traders hoping that the market was on a path greater obtained a dose of actuality on June 29 as the value of Bitcoin (BTC) dipped below $20,000 once more throughout intraday buying and selling. 

Information from Cointelegraph Markets Pro and TradingView reveals that the highest cryptocurrency fell below strain within the early buying and selling hours on June 29 with bears managing to drop BTC to a every day low of $19,857 earlier than value was bid again above the $20,000 mark.

BTC/USDT 1-day chart. Supply: TradingView

Right here’s a have a look at what a number of analysts are saying comes subsequent for Bitcoin because it struggles to achieve momentum and break away of the present value vary.

Put together for a uneven summer time

A phrase of warning for merchants seeking to enter the market at these ranges was supplied by analyst and pseudonymous Twitter consumer IncomeSharks, who posted the next chart displaying one potential path that BTC might take within the months forward.

BTC/USDT 1-day chart. Supply: Twitter

IncomeSharks mentioned,

“Extra individuals find yourself dropping cash in chop zones than the massive drop zones. I am bullish mid time period for lots of causes. This summer time is about swing buying and selling and accumulation. I’ll derisk/promote majority finish of November/December.”

The potential for a stronger pullback was additionally famous by Twitter consumer Altcoin Sherpa, who posted the next chart citing the significance of the $20,000 degree.

BTC/USD 4-hour chart. Supply: Twitter

Altcoin Sherpa mentioned,

“Round 20K will probably be a fairly essential space on decrease timeframes; lose that and we see a transfer to the vary lows round 17K once more IMO. If this space is the underside, I count on to see 17-18K examined once more to be sincere.”

Value might pullback to $16,400

Based on Rekt Capital, the recent value motion mirrors different bear markets and will present some clues on the place the underside will probably be.

BTC/USD 1-week chart. Supply: Twitter

Through the week of June 20, Bitcoin noticed an identical buy-side quantity because it skilled throughout the 2018 bear market backside, close to the 200-week transferring common (MA).

Rekt Capital mentioned,

“Through the formation of the 2018 backside nonetheless, that purchaser quantity preceded further -20% draw back. If $BTC have been to drop an additional -20% quickly, value would attain ~$16,400.”

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

Consolidation results in accumulation

A extra optimistic outlook was supplied by Twitter consumer Miles J Inventive, who posted the next chart supporting the thesis {that a} “bull part is coming.”

BTC value vs. 1yr+ HODL wave. Supply: Twitter

The analyst mentioned,

“In Bitcoin’s historical past it has solely had the present accumulation construction when exiting not coming into bear markets. Maybe this time is totally different however accumulation is saying a bull part is coming.”

The general cryptocurrency market cap now stands at $897 billion and Bitcoin’s dominance charge is 42.7%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a choice.