The $19,500 threshold – The price of Bitcoin (BTC) is holding above $20,000, and giving traders and analysts renewed bullish hopes (or illusions).
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Bitcoin price above an ascending trendline
Bitcoin price rises to $20,880 on Bitfinex today, July 14, 2022. Cryptocurrency trades at $20,586 at the time of writing this article. Its price is currently registering a daily gain of 3.40%.
The bulls thus continue their run, drawing a second consecutive green candlestick on the markets. The price of Bitcoin briefly dipped below $19,000 yesterday, before making a foray above $20,000, then falling back below that level, and finally closing the day at $20,246.
Passing above $19,600 yesterday, Bitcoin has retrieved an uptrend linehighlighted by Material Indicators, and whose origin dates back to mid-June.
With another day dominated by bullsBitcoin price continues to trade above this ascending line today.
A near bottom: the now unlikely $13,700 for Bitcoin?
Analysts’ and traders’ forecasts look much more optimistic, ruling out doomsday scenarios, of another drop below the June low.
In terms of a strongly bearish pattern, Crypto Crew founder Steve Cowen backtracks on predictions of a Bitcoin that could drop to $13,700a possibility “that we have been observing for 10 months now”.
He shared a graph showing the monthly changes in the cryptocurrency price, to illustrate that Bitcoin will not touch $13,700, unless its price loses the $19,500 as support on this time scale.
Steve Cowen says that $19,500 “holds up really well so far.” He thus considers that the bottom is either very close or already reached.
However, some observers continue to issue pessimistic outlooks. The Analyst Il Capo Of Crypto evoked thus a strong dollar, boomer markets bearish “, as well as the “bad news everywhere”, to evoke the absurdity of the bullish hopes, with Bitcoin holding above $19,000 – without specifying the time scale underlying his reasoning.
Narratives from traders and analysts now seem to be focused on the latest dip for the price of Bitcoin, admittedly not ruling out the possibility of yet another dip in the cryptocurrency below $20,000, while clarifying that the magnitude of this fall will now be relatively less.
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