Over the last 24 hours, the entire market has had mixed results. The Bitcoin price is currently trading at $56,759.68 at the market open today. Meanwhile, based on recent market activity, the market is anticipated to see a minor retracement or sell-off shortly after touching the important $57,000 level, with traders expecting $56,000 to $55,500 to be tested again before moving higher.
On the downside, if the market falls, the price of Bitcoin could fall below the 9-day moving average of $57,000, and if that support fails to hold the sell-off, traders could see a further decline towards the channel’s lower boundary, with support levels of $51,000, $49,000, and, most importantly, $47,000. Nonetheless, any further bullish rise towards the channel’s upper boundary may find resistance at $60,000, $62,000, and $64,000.
Btc’s Outlook for the Year End Is Super Bullish!
Bitcoin’s (BTC) outlook for the second half of this year remains strongly favorable, according to on-chain analyst William Clemente.
According to Clemente’s latest research from Blockware Intelligence, Bitcoin could face a short-term dip before any upward momentum continues
Multiple variables, like whales taking profits and highly liquid entities taking hold of BTC, according to the on-chain analyst, could suggest some weakness for the top coin by market cap.
He further adds that he wouldn’t be shocked to see a short-term fall to about $53,000, with a retest of PoB at the very least (point of a breakout).
According to Clemente, Bitcoin’s longer-term prospects look extremely favorable for a variety of reasons.
“Macro: highly bullish. Supply dynamics(HODLing behavior) remain strong, hash coming back on the network, retail still out of the market. Still standing on my thesis for a strong Q4.”
Clemente also keeps a close eye on one of his favorite charts. According to the analyst, the amount of Bitcoin purchased by LTHs (long-term holders) is at all-time highs, which could indicate that a supply shock and subsequent price spike are on the way.