Experts predict Bitcoin’s healthy rally. What’s in store?

Highlights

• On 20 June, BTC price was trading at US$20,070.39 with a trading volume of US$35,46,08,10,608 at 7.30 am (GMT +1).
• Bitcoin has lost 70.8% of its value since its all-time high mark of US$69000.
• According to the Aternative.me, the Crypto Fear & Greed Index at 9 on Monday.

In the past few months, the crypto market is going through a major churn.  With every passing day, the world’s most popular cryptocurrency, Bitcoin, is struggling to get over its bearish phase. As Bitcoin plunged to a low of US$17,708.62 on 18 June, several investors are in a tight spot with their investments. So far, Bitcoin has lost 70.8% of its value since its all-time high mark of US$69000.

On 20 June, even though the BTC price jumped marginally above the psychological mark to US$20,070.39 with a trading volume of US$35,46,08,10,608 at 7:30 am (GMT +1), the mood is still bearish.

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Several market experts are already predicting that Bitcoin could go as low as US$7,000. Peter Schiff, Chief Economist & Global Strategist, Europac, tweeted that if Bitcoin can collapse from a high of US$69,000 to under US$21,000, then it can fall another 70% down to US$6,000.

Bitcoin’s tough times

Several experts believe that Bitcoin has found its bottom in the current crash. With the US$17,500 being the new bottom, many are predicting that the only way for Bitcoin from here is up. According to a Santiment study, while the supply has taken a hit in recent days, the worst is over for Bitcoin.

According to the chart, though there has been a heavy selling of late, it does indicate that it may rally assuming it can break its first resistance level of US$24,000. The RSI suggests it is below the overselling zone at 27.45.

Even though the MACD line is on its way down, it is creating a significant difference between the signal line, which is giving mixed signals at the end.

Image credit: Trading View

However, Bitcoin’s 100/200-day EMA indicates a significant uptick, and its price may rise to US$29,125.46 and US$33,411.72, respectively. For the top cryptocurrency to rally, many market participants believe it will need to maintain is critical support of US$17,000.

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So, the rally can only depend on how Bitcoin moves past its first resistance and then break above US$32,000 in the 50-day and 100-day EMAs.

Conclusion

The market participants would hope that Bitcoin can manage to be steady before taking off a new flight. According to the Aternative.me, the Crypto Fear & Greed Index is at 9 on Monday. 

While different experts are giving different explanations about the Bitcoin rally or reversal, it is important that market participants remain cautious about the daily ups and downs. Besides, thorough market research would be needed before taking critical investment decisions.

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