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Bitcoin has not yet found the support it needs, and on June 21, its price quickly fell to $63,379. Altcoins did not erode as much in the second wave because they experienced rapid losses during the initial shock drop. BTC is trading at $64,160 as of the time of writing. So, what are the predictions for the cryptocurrency markets until the end of this month?
Bitcoin (BTC)
On June 21, the king of cryptocurrencies fell to its lowest level in six weeks. While altcoins are weak and gradually rising, this week’s sales have now pushed them back to their base supports. Bitcoin, which has experienced a 3.7% weekly decline and a 5.75% drop in June, is struggling to maintain $64,000.
Popular crypto analyst Skew seemed optimistic because lower levels are sparking buyer interest. However, more is needed for a real comeback. Massive liquidations in futures seem to have worn out the bulls a bit.
“It seems there is a lot of short selling and spot selling at low levels. We need to see buyers pushing for control to get a bounce.”
Another analyst, Roman, said:
“As $64,500 is lost on the daily chart, the price wants $60,000 again.”
Over the weekend, the likelihood of a turnaround is low as automated trading algorithms and bots generate volume, leaving most investors weak.
Analysts’ BTC Predictions
Crypto analyst Jelle expressed surprise in his latest assessment that the BTC price has not reclaimed lower levels. He mentioned that although the RSI remains above 30, BTC is exhibiting interesting behaviors. The short-term investor cost basis is equivalent to $64,000. The STHCB price historically serves as a strong support area.
After the 2022 bear market, this key level acted as an important support level. On-Chain College highlighted this event and wrote:
“It’s time for Bitcoin to fight. A nice breakout above the STHCB is expected now. The price is lingering at $64,200, and the STHCB is at $64,000. Let’s see how this level interacts throughout the day.”
Material Indicators’ co-founder Keith Alan points to the lower level of the 21-week simple moving average. For him, $63,074 is the key area. If this area is lost, sales could intensify.
