{"id":367540,"date":"2022-06-30T07:09:03","date_gmt":"2022-06-30T01:39:03","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/bitcoin-price-clings-to-20000-as-analysts-warn-of-a-turbulent-road-ahead\/"},"modified":"2022-06-30T07:09:03","modified_gmt":"2022-06-30T01:39:03","slug":"bitcoin-price-clings-to-20000-as-analysts-warn-of-a-turbulent-road-ahead","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/bitcoin-price-clings-to-20000-as-analysts-warn-of-a-turbulent-road-ahead\/","title":{"rendered":"Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead"},"content":{"rendered":"
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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.<\/p>\n

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.<\/p>\n

BTC\/USDT pair price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

A moved market is coming<\/h2>\n

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<\/a> the chart below showing a possible path BTC could take in the coming months.<\/p>\n

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BTC\/USDT 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

The analyst said:<\/p>\n

“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.”<\/p><\/blockquote>\n

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

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BTC\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

The trader:<\/p>\n

\u201cAround $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.”<\/p><\/blockquote>\n

The price can go back to $16,400<\/h2>\n

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

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BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

The analyst said:<\/p>\n

\u201cDuring 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.\u201d<\/p><\/blockquote>\n

Consolidation leads to accumulation<\/h2>\n

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

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BTC price compared to the 1-year HODL wave. Source: Twitter<\/em><\/figcaption><\/figure>\n

The analyst said:<\/p>\n

“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.”<\/p><\/blockquote>\n

The total cryptocurrency market capitalization currently stands at $897 billion and the dominance ratio of Bitcoin is 42.7%.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.<\/em><\/p>\n<\/div>\n

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.<\/p>\n<\/div>\n