Bitcoin price briefly dropped below $20,000. After that, leading crypto analysts determined the possible levels that the BTC price will go to. Some are up, some are down. Here are the price levels that 6 crypto analysts are expecting for the leading cryptocurrency.
IncomeSharks: “Get ready for a choppy summer for Bitcoin”
IncomeSharks, a crypto analyst by the nickname IncomeSharks, evaluated the BTC price action on Twitter. Accordingly, it issued a warning to traders who want to enter the market at current levels. He also described the possible path BTC could take in the coming months and posted a chart. As we reported as Kriptokoin.com, IncomeSharks said:
“More people are losing money in cut-off zones than in big drop-off zones. I expect a rise in the medium term for many reasons. This summer will be all about swing trading and accumulation. At the end of November/December I will risk the majority, so I will sell.”
Altcoin Sherpa: “If BTC loses this level, it could drop”
Altcoin Sherpa, another cryptocurrency analyst by the pseudonym, has set the key level for the BTC price. According to him, if Bitcoin loses $ 20 thousand literally, it will go to create a new bottom. He qualifies this $20,000 level as very important. The popular crypto analyst said:
“On the lower timeframes, the $20,000 level will be a pretty significant area for BTC. If it loses that level, we see a move to the low range around 17,000 again IMO. If this area is the bottom, I honestly expect a retest of $17,000-18,000.”
Rekt Capital: “It is possible for Bitcoin price to see $ 16,400”
According to Rekt Capital, the latest price action reflects similar data to other bear markets. Therefore, looking at historical data gives some important clues about new price levels. During the week of June 20, Bitcoin traded close to the 200-week moving average (MA). This marks a similar buying volume experienced at the bottom of the 2018 bear market. Rekt Capital said:
“But during the formation of the 2018 bottom, this buyer volume was down an extra 20%. If BTC drops an additional 20% soon, the price will reach $16,400.”
Miles J Creative: “BTC has reached a bull phase”
Another popular crypto analyst, Miles J Creative, has a more positive view of Bitcoin. The analyst suggests that BTC has come to an accumulation phase. He supports this with the thesis that the leading cryptocurrency only reached these accumulation levels when exiting the bear market. “Maybe this time it is different, but the backlog has come to a bullish phase,” the analyst said.
Fundstrat: “These are the levels to watch”
Technical strategist at Fundstrat Mark Newton evaluated BTC price. The strategist has described the critical levels for the asset to reach a final ‘clearing’. According to Newton, investors should pay attention to the $20,491 to $19,744 range. According to him, a pullback below $19,744 will lead the price to retest $17,592. A drop below this level will cause Bitcoin price to see $12,500 to $13,000. Despite all this, the analyst stated that the declines in two or three weeks offered an opportunity to buy from the bottom. He also expressed that he is optimistic about the potential rally of the cryptocurrency.
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