good morning Bitcoin (BTC) Fanatics! As noted on our site discord environmentIn the last 24 hours, a lot has happened in the cryptocurrency world. For example, not long ago Bitcoin was announced It uses much less energy than the traditional banking system. Finally something positive bitcoin news† So, you immediately have a nice argument to promote Bitcoin this coming Christmas with the family! We have also clearly observed the so-called crypto whale He was buying more bitcoin† It is now clear that this (unfortunately) had little effect on Bitcoin price†
This happened to Bitcoin while you were sleeping
Bitcoin is up 2.5% since 00:00. The current price at the time of writing is €19,784 on the Dutch crypto exchange Petavavo† Volume has fallen sharply now that we have seen price stabilize. Over the past 24 hours, trading volume has decreased by 35.2%.
Bitcoin is down 30.9% over the past seven days. In the last 24 hours, the price has fallen by about 4.5%. The total market capitalization of Bitcoin at the time of writing is just under $400 billion.
Peter Might Expect More BTC ‘burns’
Peter Brandt, a trader in the financial market since 1975, shares a very interesting infographic on Twitter. This is because the analyst describes a very bearish scenario. Brandt points out that if Bitcoin does not close above the May 31 peak of $32,000 on the weekly chart, we could get sucked hard.
Unless it’s Bitcoin BTC dollars It can close above the May 31 high, this chart can become a typical example of the famous “Drano” chart pattern. pic.twitter.com/X57mDNO5Qu
– Peter Brandt (@PeterLBrandt) June 12 2022
The scenario that Brandt envisions in this case is that the price will drop pretty hard and could take us all the way towards $12,700. However, Brandt believes we could reach all-time highs over the long term.
So it’s going to be exciting days if Brandt’s analysis comes out. To stay in a bullish scenario, we first need to rise about 60% more. In any case, we will closely monitor the exchange rate.
At the moment, the market appears to be split. While one analyst is bullish and thinks the bottom has already been reached, the other seems to think we’re diving a bit deeper. But who should we really believe?
Cryptocurrency Insider Analysts Agree
Earlier this week, our Discord analysts predicted the following scenario. The chart below is still valid at the time of writing (June 15, 2022). Here, the analysts point out that based on Elliott Wave analysis, Bitcoin is likely to fall further into its fairly broad support area. To complete the current Elliott wave pattern, we are working on wave 5. This wave 5 will also be the end of the bearish price movement as the larger waves complete.
We indicated yesterday that the dynamic trend line around $20,500 to $20,000 would be a very important level. This has been proven to be the case thus far. We have tested this line several times recently and at the moment we are still above it. If we interrupt here, we will have to look for new lower price levels, say amounts around $13,000. If this is the case, we will share these levels with you as soon as possible via our Discord channel.
The above BTC analysis was shared on May 28 in our Members Discord. The screenshot was taken on June 17th.
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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this website is based on our analysts’ own insights and experiences and is for educational purposes only.