Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead

Bitcoin Price Clings to ,000 as Analysts Warn of a Turbulent Road Ahead

Cryptocurrency bull traders who expected the market to be on a bullish path received a dose of reality on June 29, as the price of Bitcoin (BTC) fell back below $20,000 during the day.

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

BTC/USDT pair price chart. Source: TradingView

Here is a brief summary of what, according to various analysts, lies ahead for Bitcoin as it struggles to gain momentum and break free from the current price range.

A moved market is coming

A word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who public the chart below showing a possible path BTC could take in the coming months.

Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead
BTC/USDT 1-day chart. Source: Twitter

The analyst said:

“More people end up losing money in the turbulent zones than in the big dips. I’m bullish in the medium term for many reasons. This summer is all about swing trading and accumulation. I’ll derisk/sell mostly late Nov/Dec.”

The possibility of a stronger pullback was also pointed out by Twitter user Altcoin Sherpa, who public the chart below citing the importance of the $20,000 level.

Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead
BTC/USD 4-hour chart. Source: Twitter

The trader:

“Around $20,000 is going to be a pretty big area on the shorter time frames, we lose that area and see a move to the lows of the range around $17,000 again in my opinion. If this area is the bottom I expect to see the $17,000-$18,000 again to be honest.”

The price can go back to $16,400

According to Rekt Capital, the behavior recent of the price is a reflection of other bear markets and could provide some clues as to where the bottom will be.

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Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead
BTC/USD 1-week chart. Source: Twitter

During the week of June 20, Bitcoin saw buying volume similar to what it experienced during the bottom of the 2018 bear market, near the 200-week MA.

The analyst said:

“During the formation of the 2018 bottom, however, that buying volume preceded an extra -20% downside. If BTC were to drop -20% sooner, the price would hit ~$16,400.”

Consolidation leads to accumulation

A more positive outlook was offered by Twitter user Miles J Creative, who public the following graph supporting the thesis that “a bullish phase is coming”.

Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead
BTC price compared to the 1-year HODL wave. Source: Twitter

The analyst said:

“In Bitcoin’s history it has only had the current accumulation structure when exiting, not entering, bear markets. Maybe this time it will be different, but the accumulation is saying a bull phase is coming.”

The total cryptocurrency market capitalization currently stands at $897 billion and the dominance ratio of Bitcoin is 42.7%.

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