Bitcoin

Bitcoin (BTC) Price May Tank Down by 30% to Trade Around $21,000 By The End Of July, What’s Next?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 11, 2022

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Highlights

    Bitcoin price slumped hard below $29,000 probably as an outcome of the raised interest rates during the previous trading day

    The prices are expected to witness a notable upswing, eventually ending up in draining with significant numbers during the upcoming month

In a recent twist within the crypto space, most of the assets are on the verge to break their lower support and mark new lows in 2022. Bitcoin price on the other hand, which maintained the lower support pretty strong until now may also drop below very soon. 

However, the possibilities of a massive uptrend still knock the BTC price that may uplift the price close to $40,000 during mid-Q3 2022. 

To everyone’s knowledge, Bitcoin price slumped hard ever since the asset reached its highs at $69,000 back in November 2021. The asset luckily appears to have maintained a strong trend within the falling wedge, which may undertake a hefty reversal very soon.   

Source: Tradingview

The BTC price is swinging within a falling wedge and hence after hitting the upper resistance a couple of times, the prices are now primed to head towards the lower support. As per the above chart, Bitcoin may gradually tank throughout the month of July, reaching the level of around $21,000. 

Currently, the lower time frame displays a price compression and liquidity in the $29,300 to $29,200 zone. The next important zones are between $28,850 to $28650, later at $28,050 to $ 28,000 and finally at $26,700. Once these levels are broken down a clear path towards $20,000 is mostly inevitable. 

However, after testing $20,000, the currently horizontal volume levels are expected to spike as the vertical volume levels may elevate the price beyond $40,000 by the end of 2022. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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