Bitcoin (BTC)’s rapid volatility continued throughout June, confusing investors. That’s why traders have been looking for any technical indicators or major news announcements that can provide a clue as to which direction the price will move. As June draws to a close, investors are now focused on BTC’s monthly close to see if the outlook is bullish or bearish in the coming months.
Currently, Bitcoin price is still 47% off its all-time high of $64,873 and analysts are divided on whether the bullish momentum will return in the short term. Here are three different perspectives on the cool BTC as the market prepares to enter July…
Analisdollarser: Bitcoin needs to hold $34,500 support
According to a crypto poll on Twitter, many chart commenters identified $34,500 as an important price level. This level is the critical price level that must be maintained to create a bullish situation in Bitcoin’s progress. “So far, this current period in the 2021 cycle is very similar to the 2013 mid-cycle correction,” an analyst known by the nickname ‘Rekt Capital’ on Twitter. A BTC monthly candle close above $34.500 means that BTC will continue to respect historical mid-cycle trends. According to the tweet, this level is important.
Also, maintaining this level will put the market in a similar trajectory to the Bitcoin price pattern seen in the 2013 bull market. From this bullish perspective, the Bitcoin price should continue the upward trend that began in late 2020, which will theoretically lead to an all-time high in 2021 or early 2022.
In this uptrend, according to the Bitcoin stock flow model, BTC is predicted to exceed $100,000. Although the S2F model is a widely accepted and promising model, Bitcoin’s recent price action has made even Plan B, the inventor of the popular model, feel uneasy about BTC’s latest plunge to the lower bound of the model.
Nunya Bizniz: Bitcoin may see further declines
The price action on June 30 caught the attention of another analyst on Twitter by the name of John Wick, as bull market defenders looked for any signs of a move higher. According to the analyst, there is a bearish trend in the recent movement of BTC on the chart. According to Wick, Bitcoin now needs support at $34,000, otherwise the market could be in a long period of sideways movement rather than a move higher.
Another popular analyst, Nunya Bizniz, pointed out that BTC needs to close above $37,400 to avoid falling for three consecutive months. However, in his tweet, the analyst also stated that BTC may be in danger of falling. The analyst said:
Monthly BTC: The month is closing. A close above $37.400 will prevent 3 consecutive months of declines. Three bearish bears indicate more bearish. What is happening?
Bitcoin predictions from 3 analysts! Here are the levels to watch
While the debate on bullish or bearish bias continues, amid the turmoil, there are several indicators pointing to the growing possibility of bullishness. Another analyst on Twitter, ‘Bitcoin Archive’, cited Grayscale BTC premium approaching zero and renewed buy activity by the Purpose Bitcoin ETF as evidence of the increased probability of bullishness in his tweet. The analyst said: “The grayscale Bitcoin premium is returning to zero. Purpose is being bought back by the Bitcoin ETF. ”
Also, NYDIG is preparing to bring Bitcoin to 650 US banks and credit unions. Blockchain analyst William Clemente III posted the chart below to highlight the fact that long-term BTC holders have been accumulating since the end of May after the Bitcoin price plunged below $29,000. Clemente also added to this thought in his tweet: “Bitcoin holders know that Bitcoin is cheap and long-term. They have added 741,363 BTC to their holdings since the first price drop at the end of May. ”’
John Bollinger, technical analyst and inventor of Bollinger Bandollars, said that just $41,000 and $31,000 are key “logical levels” to watch for, for a basic explanation of key levels to consider. Cryptocoin. com
As we have previously reported , also John Bollinger, 35,000-36. He also pointed out the region between $ 000 as important support levels to watch out for. Bitcoin (BTC) price and detailed market data here.
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