Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action

cointelegraph.com:

Trading across the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announcing that it has filed for Chapter 11 bankruptcy protection. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has spent the day oscillating around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on $25.48 billion in trading volume.

Here’s a look at what several analysts are saying about what could come next for Bitcoin and what support and resistance levels to keep an eye on in the event of a sharp move in price.

A noticeable pattern on the Bitcoin chart prior to the pullbacks that have occurred since November 2021 was pointed out by crypto analyst and pseudonymous Twitter user Moustache, who posted the following chart displaying the similarities between each drawdown.

Moustache said,

Noted market analyst Peter Brandt also recently highlighted the repeating pennant pattern on the Bitcoin chart, but stopped short of saying which way the price could move once the formation completes.

When it looks like a pennant and acts like a pennant it is often a pennant $BTC pic.twitter.com/O7RtnvFSp0

Lately, one of the most popular topics of conversation on crypto Twitter has been centered around trying to predict the bottom in Bitcoin price.

According to cryptocurrency research firm Delphi Digital, Bitcoin has now closed below its 200 weekly average for four consecutive weeks, a development that has historically “marked previous market bottoms.”

As for whether or not Bitcoin traders should expect a rapid recovery, Delphi Digital noted that “this is the longest BTC has