Bitcoin (BTC) Price Might Hit $38K By June End, But There’s a Catch

Bitcoin price closed Thursday at an interesting support level that has left crypto analysts divided on its next major play. According to the latest crypto price oracles, Bitcoin price dropped from trading around $27.4k to lows of about $26.4k on Thursday. However, the top digital asset has rebounded from yesterday’s low to trade around $26.87k during the early London market on Friday.

Bitcoin Liquidations Soar 

In the past 24 hours, 75 percent of $33.1 million in Bitcoin liquidations were long traders who were rekt. This came as the total amount of Bitcoin balance on centralized exchanges – including Binance and Coinbase – increased with slightly more than 4k coins deposited.

As Bitcoin price continues to show more bearish weaknesses, on-chain analytics platform Santiment noted that trades fear further capitulation towards $20k

Bitcoin Price Analysis

Here’s a look at both sentiments for you to make a better trading and investing decision.

According to a popular crypto analyst on Twitter Toni Ghinea (@ToniGhinea), the Bitcoin market is en route towards $24k. The analyst warned long crypto traders that the Bitcoin capitulation is far from over and $20k remains in the cards if $24k does not hold. 

“No bull market ever starts without creating maximum blood in the streets first,” the analyst concluded.

Related: Bitcoin Price Prediction: BTC Price On The Verge Of 50% Drop

According to crypto trader Captain Faibik (Twitter: @CryptoFaibik), the Bitcoin market is preparing to launch its third bullish rally of 2023. The analyst based the bullish argument on a possible consolidating wedge pattern on the higher time frame, which is often followed by a price outburst. Additionally, Captain Faibik noted that Bitcoin’s daily SMA100 at 26.3k has been acting as a crucial support level, which the bulls have defended in preparation for a bullish launch.

Also Read: Bitcoin Price Analysis: BTC Price To Surge 30%, Predicts Analyst Tone Vays – Coinpedia Fintech News

“To confirm the Wedge Breakout, Bulls need to Overcome the 28k Resistance with strong Volume. Anticipating an Upside Breakout of Wedge in early June, if successful, Bitcoin could Potentially Reach 38k by late June,” the analyst concluded.