The month-long bitcoin price swings (BTC) closed on June 13 after deep market sales pushed the main framework currency by $ 29,000. This shift occurred as equity markets also fell sharply, reaching record lows for the year.
Data from Cointelegraph Markets Pro and TradingView show that bitcoin sales started late in the day on June 12 and were tighter by noon on June 13, when BTC hit a low of $ 22,592.
Here’s what some market analysts are saying about the fall of bitcoin and whether it’s the final capitalization event ahead of the long – awaited price floor.
Is $ 23,000 strong support?
Previous cases of market capitalization have seen strong support at the 200 week moving average of bitcoin, as seen in the following chart. post with pseudonymous market analyst and Twitter user “Rekt Capital. »
Based on the trend of the last two cycles, Rekt Capital suggested that BTC may see a “double macro bottom at the 200 week moving average” in the future if the price moves in the same way. .
Rekt Capital said
“If so, BTC is very close to creating its first bottom macro at the 200 week moving average at ~ $ 23,000. The second bottom macro could be in about two years at a price of ~ $ 41,000. »
Analysts say the ‘maximum penalty’ is $ 13,330
Some insight into the direction bitcoin could take if it continues to break established support levels has been provided by data from the bogus analyst “Whalemap,” which published The following chart shows past and current levels of support.
“#Bitcoin has broken key realization price supports and is likely to be our new resistance. The maximum penalty is $ 13,331. »
Read also: Bitcoin Derivatives Data Does Not Show ‘Bottom’ In Sight, Traders Avoid Leverage Ships
In a very extreme case, bitcoin could go back to $ 8,000
According to Francis Hunt, a market analyst also known as “The Sniper Market”, the price of bitcoin could fall as low as $ 8,000 before hitting a real bottom.
Hunt is declared :
“The accumulated points would be between $ 17,000 and $ 18,000. This $ 15,000 comes from nowhere, head and shoulders, it would be a pretty nasty fall, and there is a bearish flag target, a slightly less strong bearish flag target at $ 12,000, and a full round trip will take you back to our place. $ 8,000-10,000 funnel. »
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