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Analyst says Bitcoin price is approaching “massive movement” as trading has spent weeks in the same area

June 14, 2020

The Bitcoin (BTC) price has been little volatile in the past six weeksand stay in the $ 9,300 to $ 9,900 range most of the time. This has led to this Traders are warning that massive short-term price movements are likely.

In the past 12 months, Bitcoin has launched two expanded ranges. One was in June 2019 and the other in December 2019. In both cases, the price of Bitcoin showed a 40% move in the months that followed.

Where will the big movement take place?

Traders generally envision two short-term scenarios for the digital asset that comes first on CoinMarketCap. One is one I decline $ 9,200 followed by a drop to $ 7,000 and the other would mean that The price stayed at $ 9,200 and was then tested again at $ 10,500 to possibly see the start of a new rally.

Analyst says Bitcoin price is approaching “massive movement” as trading has spent weeks in the same areaAnalyst says Bitcoin price is approaching “massive movement” as trading has spent weeks in the same area

No matter which direction you go Analysts are expecting the price of Bitcoin to a very volatile trend for the cryptocurrency market.

A technical analyst named Crypto Birb wrote::

“It has been consolidating for a month and a half. This will soon be a huge step for BTC.”

Similarly, Pentarhudi, a Bitcoin trader who predicted Bitcoin’s steep downward trend in February, said We are on the way to seeing an explosive action on the Bitcoin price.

Pentarhudi explained that the technical structure that Bitcoin is now showing is one Triple maximum stop or an area lock.

The Bitcoin price sees a triple peak on the daily chart. Source: trade view

The Bitcoin price shows three times the top on the daily chart. Source: trade view

Bitcoin prices dropped to $ 10,500 in October 2019, February 2020, and June 2020. A daily chart from BTC created one Triple flask formation, which is usually a bearish pattern.

If the price of Bitcoin continues to fall in the next few years Weeks and confirmed to be a triple cap, Pentarhudi warned that Bitcoin price could drop to $ 6,000.

The analyst said:

“Triple the daily bearish pattern. It will skyrocket to around $ 8,000 with a goal of $ 6,000. Or triple cap or range lock.”

Bitcoin is also entering a “fear zone” regarding various investor sentiment indices, suggesting that traders are becoming increasingly cautious given the short-term trend in Bitcoin prices.

The Bitcoin Fear and Greed Index was displayed on a 4-hour BTC-USD chart. Source: Byzantine general

Bitcoin Fear and Greed Index on a 4-hour chart for the BTC-USD pair. Source: Byzantine general

Variables that can impact Bitcoin’s price in the short term

There are two main variables that can change the Bitcoin price trend in June. One is Risk that miners sell more Bitcoin after a difficult setting, and the second is the surprise JPMorgan praise to the main cryptocurrency.

Earlier this week, JPMorgan Said Bitcoin Has “Stamina” after surviving the drop to $ 3,600 in March. He ended a V-shaped recovery by surpassing $ 10,000 in less than three months.

At a time when Institutional demand for Bitcoin has grown rapidly since early 2020JPMorgan’s move towards BTC could be a good sign of future Bitcoin price promotions.

However, Bitcoin mining difficulty is expected to increase by 13% over the next three days, meaning that the cost of mining will increase significantly. This could put additional selling pressure on the Bitcoin market and exacerbate the bearish scenario in the short term..

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