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Fundstrat: At $ 12,500 – $ 13,000 the ‘bottom’ for Bitcoin

The “battle” to keep the psychological level of $ 20,000 is given once again by bitcoin, which on Wednesday night (23:45) was moving around $ 20,100, continuing in the quagmire that has been in place for quite some time.

The world’s largest cryptocurrency, which has lost 0.74% in the last 24 hours, according to CoinDesk, fell to an 18-month low of $ 17,601 on June 18, before recovering again close to $ 20,000.

However, this recovery will probably prove to be temporary and certainly the recent low was not the “bottom” for the popular cryptocurrency, notes Mark Newton, CEO of Fundstrat Global Advisors.

Newton predicts that bitcoin will be in a new vortex in the second or third week of July, “before slipping to a new medium-term low”.

As he explains, from a technical point of view, the recording of a new, final low even lower than the June low “may be necessary before it is considered that it has officially seen the bottom”.

“Technically there are not many levels below $ 17,592, up to $ 12,500-13,000, which I think would be a great level for mid-term buyers to add to the longs,” Newton said.

“Bitcoin (BTC) is still moving in this range at the moment, with a slight uptrend building in the short term. If BTC stabilizes above $ 22,000, we can see a rapid relief rally to $ 26,000 or $ 28,000. “, According to Abdul Gadit, CFO of Zignaly.

However, if bitcoin fails to cross the $ 28,000 to $ 31,000 range, it could pave the way for $ 12,000 to $ 16,000, which could be the “bottom” of the cycle, according to Zignaly.

Source: Capital

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