The crypto space accumulated throughout May’s trade and hence it was assumed that the June month would be pretty thriving. Moreover, a notable upswing on the last day of May’s trade was like icing on the cake. Woefully, the market rally faced major turbulence, on the very first day of June’s trade which intensified thereafter. Currently, the popular assets are displaying a bearish momentum, but a significant uptrend may also make its way out.
As the market conditions have become pretty shaky now, it is more evident that the prices have become extremely uncertain. Therefore, the Bitcoin price which is chopping around $30,000 levels for quite a long time is expected to visit lower support and ignite a strong rebound then. However, as per a popular analyst, the star crypto may undergo a minor upswing to $37,000 now and tank hard later in the coming days.
The analyst here considers the 3-day chart and predicts the BTC price to hit $37,000 on 30 June 2022. Interestingly, the trade set up for the BTC price is pretty bearish for the rest of 2022. The analyst believes the prices could end the 2022 trade below $20,000, somewhere around $17000. This is mainly due to the fact that Bitcoin is following a descending trend line ever since it smashed its ATH at $69,000.
However, considering the analyst’s view and the previous price movements of Bitcoin prices, it appears that after a bull run in 2021, 2022 could be an exhaustive phase. It is mirroring what exactly happened during and after the 2017-18 bull rally. After the BTC price slashed hard reaching the highs close to $20,000, the star crypto consolidated for a couple of years before the next rally. Therefore, the year 2022 and probably 2023 may also witness a consolidated Bitcoin price rally including some minor spikes.
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Source: https://coinpedia.org/bitcoin/bitcoin-to-reach-37000-on-june-30-2022-but-may-not-hit-50000-anytime-in-near-future/