Bitcoin clings to $20K as analysts warn of a long, bumpy ride for the foreseeable future

cointelegraph.com:

Bullish cryptocurrency traders hoping that the market was on a path higher received a dose of reality on June 29 as the price of Bitcoin (BTC) dipped below $20,000 again during intraday trading. 

Data from Cointelegraph Markets Pro and TradingView shows that the top cryptocurrency fell under pressure in the early trading hours on June 29 with bears managing to drop BTC to a daily low of $19,857 before price was bid back above the $20,000 mark.

Here’s a look at what several analysts are saying comes next for Bitcoin as it struggles to gain momentum and break free of the current price range.

A word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who posted the following chart showing one possible path that BTC could take in the months ahead.

IncomeSharks said,

The possibility of a stronger pullback was also noted by Twitter user Altcoin Sherpa, who posted the following chart citing the importance of the $20,000 level.

Altcoin Sherpa said,

According to Rekt Capital, the recent price action mirrors other bear markets and could provide some clues on where the bottom will be.

During the week of June 20, Bitcoin saw a similar buy-side volume as it experienced during the 2018 bear market bottom, near the 200-week moving average (MA).

Rekt Capital said,

Related: Bitcoin holds $20K as ECB warns inflation may never return to pre-COVID lows

A more positive outlook was offered by Twitter user Miles J Creative, who posted the following chart supporting the thesis that a “bull phase is coming.”

The analyst said,

The overall cryptocurrency market cap now stands at $897 billion and Bitcoin’s dominance rate is 42.7%.

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