Bitcoin’s turbulent price action for a month (BTC) ended on June 13 after a strong market sell-off pressed the top cryptocurrency backed by $ 29,000. The move came when equities markets also sold strong, reaching their lowest levels of the year.
Cointelegraph Markets Pro and TradingView data show that Bitcoin trading started at the end of June 12th and increased until noon on June 13th when BTC reached a low of $ 22,592.
1 day BTC / USDT chart. Source: TradingView
Here’s a look at what several market analysts are saying about the decline of Bitcoin and whether this is the final capitulation event ahead of the expected low price.
Is there solid support at $ 23,000?
Previous cases of bearish market capitulation have seen a solid level of support for Bitcoin’s 200-week moving average, as shown in the following chart posted by market analyst and pseudonymous Twitter user Rekt Capital.
1 week BTC / USD chart. Source: Twitter
Based on the trend of the last two cycles, Rekt Capital suggested that it is possible that BTC may see a “double-bottom macro on the 200-week moving average” moving forward if price action develops similarly.
Rekt Capital said,
“If so, then $ BTC is very close to forming its first Macro Bottom in the 200-week MA at ~ $ 23,000. The second Macro Bottom could be formed in two years at a price of ~ $ 41,000 “.
Analysts say the “maximum pain” is $ 13,330
Whalemap data, published in the following chart, highlighted previously established support levels that could now return to resistance.
Bitcoin price per address. Source: Twitter
Whalemap said:
“#Bitcoin has outperformed major price supports where they are likely to become our new resistances. $ 13,331 is the maximum of pain.”
Related: Bitcoin derivatives data show no “source” in sight, as traders avoid long leveraged positions
At one point, Bitcoin could fall back to $ 8,000
According to Francis Hunt, a market analyst at The Market Sniper, the price of Bitcoin could drop to $ 8,000 before hitting a real bottom.
1 day chart BTC / USD. Source: Twitter
Hunt said:
“The accumulated points would be $ 17,000 to $ 18,000. That $ 15,000 comes out of the blue head and shoulders there, that would be a pretty nasty drop, and there’s a bear flag target, a little less strong in the goal of $ 12,000 bear flag, and a full round trip will take you back to our $ 8,000 to $ 10,000 conversion funnel. “
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