Since April 5th, BTC has been falling below the falling resistance level. The range was recently rejected on June 7th, resulting in a low of $17,622 on June 8th.
Since then, there has been a slight increase in the price and it is now selling for around $20,000. The formation of three consecutive positive candlesticks on June 19, 23 and 4 is a bullish development.
However, previous BitMEX CEO Arthur Hayes believes that the latest price increase is the basis for the recent bearishness. Last week, the leading cryptocurrency had its lowest quarter not seen in over a decade, losing more than 50% of its value.
analysts are skeptical
While several technical indicators suggest that Bitcoin has now touched its bearish base, other analysts remain skeptical.
According to Ross Mayfield, portfolio diversification analyst at Baird, a US-based global autonomous financial management firm, the value of bitcoin could be significantly lower. In a recent interview with Bloomberg, he argues that the world’s leading cryptocurrency is now facing a “challenging environment.”
Subsequently, according to Yasin Elmandjara of ARK Investment Management, the major cryptocurrency could struggle if the US Federal Reserve continues to hike interest rates.
On the other hand, while Glassnode experts question whether strong-arm financiers can keep up with the situation, Ross Mayfield, on-chain statistics and investor behavior analyst at Baird, echoed Glassnode’s prediction that the bottom is close.
Nevertheless, he thinks there will still be a downside risk to BTC due to the current macroeconomic environment, which includes the possibility of a crisis and further hikes in the Fed’s interest rates.
Conversely, noted venture capitalist and veteran cryptocurrency advocate Brett Munster noted that despite the price drop, bitcoin acceptance remains high, making this cycle different from 2018.
