Just as it started to near back the critical threshold of $26,000, Bitcoin (BTC) experienced a sharp decline to below $25,000, raising concerns that it could drop further amid a stream of regulatory attacks against participants in the cryptocurrency market.
However, the current slip could just be temporary and indicate a strong rebound in the future, particularly when taking into account the monthly 50 simple moving average (SMA) and chart patterns that the maiden cryptocurrency demonstrated in 2015, as pointed out by the crypto analyst Trader Tardigrade in a tweet on June 15.
According to the expert, Bitcoin could just be taking its “final step before skyrocketing,” which is a “retest on a double top support” – a similar pattern from 2015 that had subsequently led to a major bullish run that saw Bitcoin rise from around $300 in November 2015 to nearly $700 in June 2016 or more than 133%.
Earlier, Trader Tardigrade shared a chart that, according to the analyst’s expectations, demonstrated another bullish sign, highlighting that “Bitcoin monthly 50 SMA shows a possible nice retest and then boom to [all-time high (ATH)] again.”
At the same time, another pseudonymous crypto analyst, el_crypto_prof a.k.a. Moustache, observed that Bitcoin was repeating the same pattern from 2016, right before a “mega bull run” that saw the flagship decentralized finance (DeFi) asset soar 3,200%.
Bitcoin price analysis
Presently, Bitcoin is changing hands at the price of $24,862 as it records a 4.14% decline in the last 24 hours, dropping 5.96% across the previous seven days and losing 8.58% to its price on its monthly chart, as per the latest data retrieved by Finbold on June 15.
Meanwhile, popular crypto trading expert Ali Martinez stressed that Bitcoin was sitting “on thin ice,” with 1.34 million crypto wallets holding 450,000 BTC in the support zone between $22,785 and $23,595, above which Bitcoin had to remain to prevent a further slip to the downside, as Finbold reported on June 14.
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