Timing – The price of Bitcoin (BTC) continues to shake the $ 20,000. Are bulls able to defend this symbolic level?
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Expectations (vain) of a minimum price of $ 20,000
The price of Bitcoin drops to about $ 20,090 at Bitfinex today, June 15, 2022. He then manages to recover the $ 21,000. The cryptocurrency is trading at $ 21,850 at the time of writing. Its price currently records a mini daily loss of 0.60%
So bassists keep pushing $ 20,000. Will this important support withstand these repeated attacks? In other words, is this level the minimum price for this cycle?
From historical data, it is too early so that the price of Bitcoin hits bottom. Trader Rekt Capital estimates that the price of Bitcoin would reach this level in October – November 2012“if BTC repeats history”.
Historically, the price of cryptocurrency has bottomed out 517-547 days for the next halving.
Rekt Capital, however, rates these predictions based on previous Bitcoin price fluctuations. Given the significant falls in recent days, the price of cryptocurrency may deviate from this historical pattern. That minimum price could be then arrived earlier “.
Bitcoin price: a long sleep until December 2022
A minimum in the next few days would save lives for the markets. But Rekt Capital remains cautious on this issue.
It even gives the ingredients for this a minimum price during the fourth quarter of 2022 :
“Slow bleeding, some relief, a lot of consolidation.”
The trader even specifies the technical indicators that support this thesis of a consolidation of Bitcoin prices until December 2022.
The cryptocurrency should only stay above the simple 200-week moving average. Then the 200-week exponential moving average would act as a resistance.
In this pattern, the price of Bitcoin would remain the same limited between these two averages for several months. Such a long consolidation of the price of the cryptocurrency is reminiscent of 2018.
These analyzes argue that Bitcoin will remain in the worst case scenario, at around $ 20,000. Other forecasts, however, are much more pessimistic. Some traders see Bitcoin returning to the $ 8,000 to $ 10,000 area.
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