Bitcoin clings to $20K as analysts warn of a long, bumpy ride for the foreseeable future

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Bullish crypto traders hoping that the market is on a higher path received a dose of reality on June 29 as the price of Bitcoin (BTC) fell below $20,000 again during daily trading.

Data from Cointelegraph Markets Pro and TradingView shows that the top cryptocurrency came under pressure in the early trading hours of June 29, as bears managed to cut BTC to a daily low of $19,857 before re-displaying the price above the $20,000 mark.

BTC/USDT 1-day chart. Source: TradingView
Here’s a look at what many analysts say is coming next for Bitcoin as it struggles to gain momentum and break free from the current price range.

Get ready for a choppy summer
A word of caution to traders looking to enter the market at these levels was provided by analyst and Twitter user pseudonym IncomeSharks, who posted the following chart showing one of the potential paths BTC could take in the coming months.

BTC/USDT 1-day chart. Source: Twitter
Income Shark said:

“More people end up losing money in choppy zones than in big downside zones. I am optimistic about the medium term for many reasons. This summer is all about swing trading and accumulation. I will exit/sell the majority at the end of November/December.”
Twitter user Altcoin Sherpa also indicated the possibility of a stronger pullback, as he posted the following chart noting the importance of the $20,000 level.

4 hour BTC/USD chart. Source: Twitter
Altcoin Sherpa said:

“About 20K zones will be very significant in the lower time frames; we lose that and see a move to the lower range levels around 17K again IMO. If that zone is the bottom, I would expect to see 17-18K re-tested to be honest.”
The price could drop to $16,400
According to Rekt Capital, recent price action mirrors other bear markets and can provide some clues as to where the bottom is.

BTC/USD 1-week chart. Source: Twitter
During the week of June 20, Bitcoin experienced similar buy-side volume as it did during the 2018 bear market bottom, near the 200-week moving average (MA).

Rekt Capital said:

“During the 2018 low formation, Jupiter volume preceded this additional downtrend by 20%. If $BTC drops an additional -20% soon, the price will reach approximately $16,400.”

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