Timing – The price of Bitcoin (BTC) continues to shake the $20,000. Are the bulls able to defend this highly symbolic level?
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The (vain) hopes of a price floor at $20,000
Bitcoin price drops to around $20,090 on Bitfinex today, June 15, 2022. He manages to win back the $21,000 afterwards. The cryptocurrency is trading at $21,850 at the time of writing. Its price is currently registering a mini daily loss of 0.60%
The bears thus continue to put pressure on the $20,000. Will this major support hold up against these repeated attacks? In other words, is this level the floor price of this cycle?
Based on historical data, it is too early for the Bitcoin price to bottom out. The trader Rekt Capital estimates that the price of Bitcoin would reach this level at October – November 2012“if BTC repeats history”.
Historically, the price of cryptocurrency has bottomed out 517-547 days to next halving.
Rekt Capital, however, qualifies these predictions based on past Bitcoin price fluctuations. Given the significant falls of recent days, the price of cryptocurrency may deviate from this historical pattern. This floor price could then be reached earlier “.
Bitcoin price: a long sleep until December 2022
A low in the next few days would be lifesaving for the markets. But Rekt Capital remains cautious on this subject.
He even gives the ingredients for this scenario of a floor price in 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 Bitcoin price consolidation until December 2022.
The cryptocurrency needs to just stay above the 200-week simple moving average. The 200-week exponential moving average would then act as resistance.
In such a pattern, the Bitcoin price would remain confined in between these two averages for several months. Such a long consolidation in the price of cryptocurrency is reminiscent of that of 2018.
These analyzes argue for Bitcoin remaining in the worst-case scenario, around $20,000. Other forecasts, however, are much more pessimistic. Some traders indeed see Bitcoin returning to the $8,000-$10,000 area.
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