Where May Bitcoin Price Head in June; $30k or $22k?
The largest cryptocurrency, Bitcoin, has impressively withstood the recent sell-off in the crypto market. While the majority of altcoins witnessed prolonged corrections, BTC remained sideways, holding crucial support levels. Despite highly volatile behavior, the coin’s price strictly adheres to the long coming wedge pattern, indicating a reliable chart setup for predicting the near-term future.
Also Read: Bitcoin Price At a Crossroads Despite Bear Market Stability – US SEC Triggers Altcoins Uncertainty
Bitcoin Price Daily Chart:
- The decreased volume throughout the two-month correction phase indicates that this downfall is temporary.
- Completing the wedge pattern will end the Bitcoin price’s current sideways trend.
- The intraday trading volume in Bitcoin is $12.2 billion, indicating a 22% loss.
Source: Tradingview
Sideways Action and Breakout Opportunity:
Over the past six days, the Bitcoin price has showcased several short-bodied candles with long-rejection wicks on either side. These candles of uncertainty reflect no clear dominance from buyers or sellers, suggesting that coin holders could witness high volatility in the coming days.
While prices may continue the sideways action for a week or two, the wedge pattern’s trendlines are gradually converging, indicating that the narrow space will soon trigger a breakout opportunity. In theory, the wedge pattern is a continuation pattern, and therefore, the Bitcoin price is likely to break the overhead trendline.
The potential breakout will accelerate the bullish momentum and may offer entry opportunities to traders, with the post-breakout setting the BTC price to shoot above $30,000.
Will Bitcoin Price Hit $20,000?
The support trendline of the wedge pattern has prevented the Bitcoin price from experiencing excessive downfall despite increased bearishness in the crypto market. Therefore, the coin uses this level as a key support to maintain a bullish outlook. Until that trendline is intact, the Bitcoin price is less likely to go below $25,000.
- Relative Strength Index: The daily RSI slope wavering below the midline (50) gives a slight negative momentum in price.
- Exponential Moving Average: The 50-day and 200-day EMAs aligned with the converging trendline give additional confirmation of a narrow range, with a breakout triggering a directional rally.
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