Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

Bitcoin’s month-long (BTC) uneven value motion got here to an finish on June 13 after a deep market sell-off pressed the highest cryptocurrency underneath the $29,000 assist. The transfer befell as equities markets additionally sold-off sharply, hitting their lowest levels of the year

Information from Cointelegraph Markets Pro and TradingView reveals that the Bitcoin sell-off started late within the day on June 12 and escalated into noon on June 13 when BTC hit a low of $22,592.

BTC/USDT 1-day chart. Supply: TradingView

Right here’s a have a look at what a number of market analysts are saying about Bitcoin’s transfer decrease and whether or not that is the ultimate capitulation occasion earlier than the long-awaited value backside.

Is there strong assist at $23,000?

Earlier cases of bear market capitulation have seen a strong degree of assist at Bitcoin’s 200-week shifting common as proven within the following chart posted by market analyst and pseudonymous Twitter person Rekt Capital.

BTC/USD 1-week chart. Supply: Twitter

Primarily based on the pattern from the final two cycles, Rekt Capital recommended that it is potential that BTC might see a “macro double backside on the 200-week shifting common” shifting ahead if the worth motion performs out similarly.

Rekt Capital stated,

“If that’s the case, then $BTC could be very near forming its first Macro Backside on the 200-week MA at ~$23,000. The second Macro Backside might kind in about two years’ time at a value level of ~$41,000.”

Analysts say “max ache” is at $13,330

Perception into the place Bitcoin might doubtlessly be headed ought to it proceed to interrupt under the established assist ranges was offered by information from Whalemap, who posted the next chart highlighting the beforehand established assist ranges that would now flip to resistance.

Bitcoin realized value by handle. Supply: Twitter

Whalemap stated,

“#Bitcoin has damaged via key realized value helps the place they’ll possible turn into our new resistances. $13,331 is the final word max ache backside.”

Associated: Bitcoin derivatives data shows no ‘bottom’ in sight as traders avoid leveraged long positions

In an excessive, Bitcoin might pullback to $8,000

In line with Francis Hunt, a market analyst at The Market Sniper, Bitcoin value might drop to as low at $8,000 earlier than hitting an actual backside. 

BTC/USD 1-day chart. Supply: Twitter

Hunt said,

“The buildup factors can be $17,000 to $18,000. This $15,000 comes out of the blue head and shoulders there, that might be a fairly nasty downturn, and there’s a bear flag goal, rather less sturdy on the bear flag goal at $12,000, and a full spherical journey will take you again to our funnel at $8,000 to $10,000.”

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you need to conduct your personal analysis when making a call.