Bitcoin has fallen 44% since the last US Independence Day; What’s next for BTC?
The price of Bitcoin (BTC) continues to trade below $ 20,000, crashing to new annual lows as it drives the entire cryptocurrency market to remain subdued.
On Monday, July 4, the flagship cryptocurrency held its position just over $ 19,000 after consolidating over the past seven days. At press time, the asset traded at $ 19,600 with a small gain of over 3% in 24 hours.
Bitcoin’s current price is a shadow of the crypto’s performance over the past year. Especially since the last Independence Day on July 4, 2021, Bitcoin traded for $ 35,287, which means a drop of around 44% compared to today’s price.
What’s next for Bitcoin
The crypto market is now focusing on Bitcoin’s next price action, especially with asset trading below the 200-week moving average. In particular, previous cases of asset trading below this level have marked the end of the bear phase before triggering a rally.
According to crypto-trading expert Michaël van de Poppe, with market conditions, it is almost impossible to determine whether Bitcoin has hit a bottom, but technical information indicates that the position is around the corner.
The trading expert noted that the sentiments around Bitcoin are bullish, especially with the potential for extensive adoption and the possibility of curbing inflation.
Poppe notes that if Bitcoin tests back to around $ 12,000 or $ 13,000, it will be the ultimate level for the asset’s bottom. However, he ruled out the possibility that the asset would fall to the $ 10,000 level, but warned that it is crucial for Bitcoin to maintain its value above $ 16,000 to avoid further downward momentum.
Bitcoin’s potential to accumulate
Furthermore, Poppe emphasized that in order for Bitcoin to rally, it is important to break through the $ 20,200 level since it is likely to sweep all the latest highs and continue to $ 21,000. Overall, the market analyst believes that Bitcoin’s prospects depend on hitting the level.
“If we crack over $ 21,000, it looks like the run-up to $ 29,000 will take place where we can get above the 200-week MA, and that results in us probably getting a retest of the 200-week MA and then further up. he said.
Finally, in June, Bitcoin experienced a sharp decline marked by a bearish momentum. As a result, the price movement resulted in Bitcoin registering its worst quarter ever, losing value by over 56%.
