Bitcoin’s month-long (BTC) uneven worth motion ended on June 13 after a pointy market sell-off pushed the highest cryptocurrency beneath the $29,000 help. The transfer got here as inventory markets additionally bought off closely, hitting their lowest ranges for the yr.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that Bitcoin’s sell-off began late within the day on June 12 and escalated till noon on June 13, when BTC hit a low of $22,592.

BTC/USDT 1-day chart. Supply: TradingView

Here is a take a look at what a number of market analysts are saying about Bitcoin’s transfer decrease and if that is the final capitulation occasion earlier than the long-awaited worth backside.

Is there stable help at $23,000?

Earlier situations of bear market capitulation have seen a stable stage of help at Bitcoin’s 200-week transferring common, as indicated by the chart beneath, revealed by market analyst and pseudonymous Twitter consumer Rekt Capital.

BTC/USD 1 week chart. Supply: Twitter

Based mostly on the pattern of the final two cycles, Rekt Capital prompt that it’s attainable that BTC might see a “macro double backside on the 200-week transferring common” if the worth motion develops in an identical method.

Rekt Capital stated:

“If that’s the case, then $BTC is about to make its first macro backside on the 200-week ma at ~$23,000. The second macro backside might kind in about two years at a worth of ~$41,000.”

Analysts say the “max ache” is at $13,330

A glimpse of the place Bitcoin might probably go if it continues to interrupt beneath established help ranges got here from information from Whalemap, who launched the chart beneath, which highlights beforehand established help ranges which will now flip into resistance.

Bitcoin realized worth by deal with. Supply: Twitter

whale card stated

“#Bitcoin has damaged key realized worth helps the place they’re prone to change into our new resistance. $13,331 is the final word ache flooring.”

Associated: Bitcoin derivatives information reveals no “backside” in sight as merchants keep away from leveraged lengthy positions

In an excessive case, Bitcoin might fall again to $8,000

In line with Francis Hunt, a market analyst at The Market Sniper, Bitcoin worth might fall as little as $8,000 earlier than making an actual backside.

BTC/USD 1 day chart. Supply: Twitter

hunt stated

“Assortment factors could be $17,000 to $18,000. That $15k is popping out of the blue that may be a fairly nasty downturn and there’s a bear flag goal rather less sturdy than the bear flag goal at $12k and a full spherical journey will get you again up our funnel at $8k to $10k.”

The views and opinions expressed herein are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must do your individual analysis when making a choice.