Crypto analysts say Bitcoin is still in danger of further decline and it must hold more than $102,000 in stake to maintain a potential rebound.
Bitfinex analyst explain In Tuesday’s market report, if Bitcoin (BTC) “Can be continued to range from $102,000 to $103,000 for a period of time, which shows that the market is effectively absorbing sales pressure.”
Bitcoin’s potential bold drama, big rewards
Analysts say “some downside risks remain” amid macroeconomic volatility and military escalation between Israel and Iran, but it presents high-risk but meaningful opportunities for investors.
“Now, this environment reflects a high-risk, advanced opportunity even if buyer confidence returns to a rise,” analysts said. Meanwhile, crypto trader Matthew Hyland explain On X, “price action is volatile, but is still in the upward trend of BTC.”
Full of optimism, Bitcoin will retest its all-time high of $111,940 last week, This is a dotted line Israel followed dozens of air strikes in Iran on Thursday night.
In the next 90 minutes after the news of Israel’s bombing, Bitcoin fell from $106,042 to $103,053, and then recovered to $104,790 at the time of publication. according to Carry out a common market.
Despite macro uncertainty, spot Bitcoin exchange trade funds have been seeing massive inflows throughout the week, with $412.2 million in revenue on June 16, on June 16. according to to Farside data.
Bitcoin won’t be as fast as last year
Even if Bitcoin trends are low, the decline will not be as steep as it did in the past few years, Bitfinex analysts said. In August, Bitcoin fell about 20% to $53,991 in just 10 days.
July 1 marks the beginning of the third quarter, and historically, it is the weakest period for Bitcoin’s average earnings since 2013 according to Data from Coinglass.
Analysts said the current market conditions “also similar to the previously surrender-driven setup, which often leads to Bitcoin’s reversal soon after aggressive sales.”
However, some analysts believe that the price of Bitcoin may have stabilized. Crypto Trader Daan Cryptocurrency Trading explain In Tuesday’s X post, “Bitcoin has been working hard to break the current highest area of history and is now stagnant.”
Daan said the long-term trend for Bitcoin is “very clean”, but he is watching the bull market support band to determine what Bitcoin will do next.
“The cycle has been going on for a while, so sticking with a bull market to support the band is crucial to maintaining momentum in this cycle.”
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Ernst & Young strategist and cryptocurrency trader Danny Marques offers a more optimistic outlook, illustrate“There is a lot of room for action to expand in terms of structure, motivation and psychology.”
“Bitcoin hasn’t even entered the euphoric zone yet,” Max said.
However, although many crypto market participants include Michael Saylor of Strategy – Bitcoin is expected to avoid another crypto winter, and some analysts remain skeptical.
“After this bull market, it’s likely to happen,” crypto trader Rekt Capital explain.
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This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
