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Analyst Warns: Bitcoin Will Have a Long, Bumpy Journey for the Foreseeable Future

Optimistic cryptocurrency traders are hoping the market will head higher as the price of Bitcoin (BTC) dipped below $20,000 again in intraday trading on June 29.

The top cryptocurrency came under pressure during the morning session on June 29, with bears managing to push BTC to a daily low of $19,857 before recovering above $20,000, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USDT 1-day chart. Source: TradingView

Here's what several analysts predict for Bitcoin's future. Currently, Bitcoin is struggling to gain momentum and break out of its current price range.

Get ready for a summer of ups and downs

Analyst and anonymous Twitter user IncomeSharks issued a warning to traders looking to enter the market at these prices, posting the following chart showing where Bitcoin could go in the coming months.

BTC/USDT 1-day chart Source: Twitter

IncomeSharks says,

"More people end up losing money in the chop zone than in the down zone. I'm bullish on the mid-term for a number of reasons. This summer is all about swing trading and accumulation. I'll be selling most of it late Nov/Dec ( Token)."

Twitter user Altcoin Sherpa also pointed to the possibility of a larger pullback, posting the chart below, noting the importance of the $20,000 level.

BTC/USD 4-hour chart Source: Twitter

Altcoin Sherpa says,

“On the lower time frames, around 20K is going to be a very important area; in my view, if that is lost, we’re going to go down to the range lows around 17K again. If that’s the bottom, honestly, I hope to test 17-18K again."

Price could fall back to $16,400

According to Rekt Capital, recent price action mirrors that of other bear markets and may offer some clues as to where the bottom will be.

BTC/USD 1-week chart Source: Twitter

During the week of June 20, Bitcoin saw buy-side volume similar to that seen during the 2018 bear market bottom, near the 200-week moving average (MA).

Rekt Capital said,

“However, during the formation of the 2018 bottom, the number of buyers preceded an additional -20% decline. If $BTC fell another -20% soon, the price would reach ~$16,400.”

consolidation leads to accumulation

A more positive outlook was given by Twitter user Miles J Creative, who posted the chart below to support the thesis that a "bull phase is coming".

BTC Price vs. 1+ Year HODL Volatility Source: Twitter

Analysts said,

“In Bitcoin’s history, it has only had its current accumulation structure when it exits and not enters a bear market. Maybe this time is different, but accumulation shows that a bull market is coming.”

The total market capitalization of cryptocurrencies is currently $897 billion, with Bitcoin dominance at 42.7%.

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