Bitcoin (BTC) Set to Drop, But a Rebound Awaits, Crypto Trader Warns
According to a popular cryptocurrency trader, Bitcoin (BTC) could experience a further decline in June before experiencing a recovery.
The trader suggests that the next potential level for BTC could be around $25,000. The trader, who has a significant following on Twitter, believes that although some may consider a long position at $25,000, they anticipate lower prices in the upcoming weeks.
$BTC is still catching a bid at $26,560, but if this level fails, $25k is next.
While many will bid $25k for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.#Bitcoin pic.twitter.com/sQzqEnxEsQ
— Justin Bennett (@JustinBennettFX) May 18, 2023
The trader also mentions that they have a bearish outlook on BTC at the moment. In a recent blog post, the trader discusses the current situation in more detail, highlighting that Bitcoin is testing the key horizontal support level at $26,560 after being rejected from the mid-March trend line at $27,500.
They explain that the failure to close BTC above $27,500 has led to their bearish sentiment.
To confirm the downside targets such as $25,000, a daily close below $26,560 is required. The trader mentions that $25,000 was a range resistance level for BTC between August 2022 and February 2023.
READ MORE: Bitcoin Vouchers Company Garners $6 Million Backing from Jack Dorsey
Despite some investors bidding on Bitcoin around the $25,000 range with the expectation of reaching $30,000 or higher, the trader believes that the market will eventually break below $25,000 after consolidation.
Their target over the next few weeks is around $23,000, which is the measured objective of a triangle pattern. However, a daily close above $27,500 would invalidate their bearish bias and potentially expose levels like $28,500.
As of now, Bitcoin is valued at $26,919, showing a 0.5% decrease in the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
