It was not a good week for investors, and BTC experienced significant losses in the past 7 days. Moreover, this is not over. In the last 24 hours, the BTC price dropped to $63,536 and is stuck below $64,600. The short-term outlook is weak due to miner sales, Germany’s BTC sale, and Saylor’s BTC purchase. So, do all analysts think the same?
Crypto Expert Commentary
BTC had a few hours left for the weekly close when this article was prepared, and around 00:00 GMT, BTC saw significant sales. Popular market analyst Roman wrote in his latest assessment that the rise for BTC will continue. Investors, who have been demoralized for most of June, are not very hopeful in the short term. However, Roman prefers to focus on the broader time frame charts, which look much better.
He expects a rise for BTC that could last for months, and the king cryptocurrency might be on the verge of this turn. Pointing to the weekly RSI and Bollinger Bands, the popular analyst wrote:
“Currently, while forming a third bullish divergence between Price and RSI, many are giving up and calling for lower levels. Bollinger Bands are also tightening more, signaling a bigger move.”
In the shared chart, while RSI is making lower lows, the price is making higher lows. This situation has historically been a precursor to significant upward fluctuations in many markets. However, the past does not necessarily have to repeat itself.
Weekly Close is Critical
Roman targets $90,000 for the upward move. The point he marked as the new all-time high could be confirmed with this week’s weekly close. In his comment on his X account, he wrote:
“There are signals for the continuation of the rise in the broader time frame. When the volatility I expect starts, we might see a new move above $90,000.”
Another analyst, Daan Crypto Trades, wrote:
“I’m not exactly sure when this will happen, but I don’t think it will last all summer. I’m talking about the $59,000-$74,000 range here.”
While US stocks are rising, bond yields are falling. Normally, this should trigger more rises. He also said:
“Historically, there is a good environment for $BTC and crypto to develop. However, it is true that crypto is a bit behind. But when it catches up, when it achieves this, we see magnificent things.”
