Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

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bitcoin‘s month-long (bitcoin-price”>BTC) uneven worth motion got here to an finish on June 13 after a deep market sell-off pressed the highest cryptocurrency underneath the $29,000 support. The transfer occurred as equities markets additionally sold-off sharply, hitting their information-open-to-close.html” goal=”_blank” rel=”noopener nofollow” data-amp=”https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2022/06/12/stock-market-news-open-to-close.html”>lowest ranges of the 12 months. 

Data from Cointelegraph Markets Pro and TradingView reveals that the bitcoin sell-off started late within the day on June 12 and escalated into noon on June 13 when BTC hit a low of $22,592.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what a number of market analysts are saying about bitcoin‘s transfer decrease and whether or not that is the ultimate capitulation occasion earlier than the long-awaited worth backside.

Is there strong support at $23,000?

Previous situations of bear market capitulation have seen a strong stage of support at bitcoin’s 200-week transferring common as proven within the following chart posted by market analyst and pseudonymous Twitter consumer Rekt Capital.

BTC/USD 1-week chart. Source: Twitter

Based on the pattern from the final two cycles, Rekt Capital urged that it is potential that BTC might see a “macro double bottom at the 200-week moving average” transferring ahead if the value motion performs out in a comparable style.

Rekt Capital mentioned,

“If so, then $BTC is very close to forming its first Macro Bottom at the 200-week MA at ~$23,000. The second Macro Bottom could form in about two years’ time at a price point of ~$41,000.”

Analysts say “max ache” is at $13,330

Insight into the place bitcoin might doubtlessly be headed ought to it proceed to break beneath the established support ranges was offered by information from Whalemap, who posted the next chart highlighting the beforehand established support ranges that would now flip to resistance.

bitcoin realized worth by deal with. Source: Twitter

Whalemap mentioned,

“#bitcoin has broken through key realized price supports where they will likely become our new resistances. $13,331 is the ultimate max pain bottom.”

Related: information/bitcoin-derivatives-data-shows-no-bottom-in-sight-as-traders-avoid-leveraged-long-positions” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-derivatives-data-shows-no-bottom-in-sight-as-traders-avoid-leveraged-long-positions/amp”>bitcoin derivatives information reveals no ‘bottom’ in sight as merchants keep away from leveraged lengthy positions

In an excessive, bitcoin might pullback to $8,000

According to Francis Hunt, a market analyst at The Market Sniper, bitcoin worth might drop to as low at $8,000 earlier than hitting a actual backside. 

BTC/USD 1-day chart. Source: Twitter

Hunt said,

“The accumulation points would be $17,000 to $18,000. This $15,000 comes out of the blue head and shoulders there, that would be a pretty nasty downturn, and there is a bear flag target, a little less strong on the bear flag target at $12,000, and a full round trip will take you back to our funnel at $8,000 to $10,000.”

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, it is best to conduct your personal analysis when making a choice.



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