Bitcoin looking at ‘final leg down’ ahead of late summer pump

After the price of Bitcoin (BTC) dropped below the critical $26,000 mark, pulling the majority of the cryptocurrency market down with it, some crypto analysts see this dip as preceding an even deeper one before the late summer, when a bullish pump is possible.

Specifically, pseudonymous cryptocurrency expert Crypto Tony said he was “looking for a relief wave” for the flagship decentralized finance (DeFi) asset before its “final leg down towards $24,500,” as he explained in a tweet shared on June 6.

However, the analyst is not all bearish on Bitcoin, as he also argued that “this is the final leg down before we accumulate for a pump to come July / August,” as demonstrated by his analysis of the digital asset’s chart patterns.

Bitcoin price action analysis. Source: Crypto Tony

At the same time, Scott Melker, a.k.a. The Wolf Of All Streets, noted that Bitcoin was “dumping on the [Securities and Exchange Commission (SEC)] action against Binance,” which the agency earlier announced, adding that he has “been watching $25,212 for months, approaching quickly,” in his June 6 tweet.

Image
Bitcoin price action analysis. Source: The Wolf Of All Streets

Bitcoin price analysis

As things stand, Bitcoin was at press time changing hands at the price of $25,756, recording a decline of 3.81% in the last 24 hours and dropping 7.32% across the previous seven days, adding up to the losses of 10.88% on its monthly chart, as per data retrieved on June 6.

Bitcoin 24-hour price chart. Source: Finbold

Meanwhile, crypto analyst CryptoJelleNL has observed that Bitcoin had again closed the previous week above the 200-week moving average (MA), taking it as a bullish sign despite the current setback, suggesting it was “a matter of time until Bitcoin finally breaks that $30k level once and for all.”

That said, Altcoin Sherpa had earlier noted that the maiden crypto could drop to as low as $23,000, referring to technical analysis (TA) indicators like the 200-week exponential moving average (EMA), 200-day EMA, support and resistance levels, as well as the 0.382 ratio Fibonacci level.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.