Analyst Rekt Capital Issues Bitcoin Price Warning As BTC Faces Key Test At $60,000Bitcoin is once again testing $60,000 as traders debate whether another major leg down is incoming.
The price action comes as BTC appears on track for three consecutive quarterly declines, a rare occurrence in its history.
Some traders are noting the asset’s recent resilience despite ongoing pressure, highlighting potential support levels around current prices.
But analyst Rekt Capital says he believes BTC will continue to mirror its 2022 trajectory.
He points to the 50-month EMA (Exponential Moving Average), which tracks Bitcoin’s trend over about 4 years.
Rekt Capital expects Bitcoin to close June below this long-term support line, turning it into resistance for July, with a likely rejection in August.
“This cycle has repeated 2022 tendencies very closely thus far and looks like that will continue throughout the Summer.”
Source: Rekt Capital/X BTC is priced at $60,218 at time of publishing, up 0.34% in the last 24 hours.
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Bitcoin is once again testing $60,000 as traders debate whether another major leg down is incoming.
The price action comes as BTC appears on track for three consecutive quarterly declines, a rare occurrence in its history.
Some traders are noting the asset’s recent resilience despite ongoing pressure, highlighting potential support levels around current prices.
But analyst Rekt Capital says he believes BTC will continue to mirror its 2022 trajectory.
He points to the 50-month EMA (Exponential Moving Average), which tracks Bitcoin’s trend over about 4 years.
Rekt Capital expects Bitcoin to close June below this long-term support line, turning it into resistance for July, with a likely rejection in August.
“This cycle has repeated 2022 tendencies very closely thus far and looks like that will continue throughout the Summer.”
BTC is priced at $60,218 at time of publishing, up 0.34% in the last 24 hours.
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Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post appeared first on The Daily Hodl.
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