Bitcoin Price Prediction: A falling knife or Michael Saylors' sword in stone?
- Bitcoin price revisits $19,000 levels causing concern amongst day traders.
- Michael Saylor’s MicroStrategy buys 480 Bitcoin this week and now has over 130,000 Bitcoin in their portfolio.
- Invalidation of the bullish macro count remains $13,880.
Bitcoin price shows concerning signals as the bears have recently rejected the $22,000 ascension. It appears smart money wants to negotiate for the peer-to-peer digital currency at a much lower price.
Bitcoin price is a falling knife for some and a sword in stone for others
Bitcoin price narrates two opposing tales at once. For traders, the bullish signals seem unreliable, only to be short-lived and causing much pain. The bears are enjoying fast-acting retracements and fakeouts. Liquidity hunts in this market are far too common. For investors with a long-term outlook, the discounted Bitcoin price is appealing and could yield exponential gains towards $80,000 in the coming years. There can only be one victor of the ongoing battle between crypto advocates and the savvy inflation-spirited bears, but at the current time, it is uncertain who the true King Arthur destined to wield Bitcoin’s “Excalibur” will be.
Bitcoin price currently trades at $20,078. On Wednesday, June 29, the bears managed to breach the $20,000 barrier, sending the BTC price back to $19,827. MicroStrategies’ CEO Michael Saylor was amongst the brave bulls who came to pull the sub $20,000 Bitcoin price from its sinking demise. Blockchain transactions show Saylor accumulating an additional 480 more Bitcoins to the MicroStrategy portfolio. MicroStrategy now owns over 130,000 Bitcoin as Saylor remains optimistically bullish despite the overall retail market sentiment reaching new all-time lows on the Fear and Greed Index in June
BTC/USDT 4-Day Chart
From a technical point of view, Michael Saylor is right. Bitcoin price still has a macro uptrend that will only be invalidated by breaching $13,880. The Relative Strength Index confounds this idea as the indicator is currently retesting a historical 2019 low on the 4-day chart. If the bears breach $13,880, a multi-year bear market will likely ensue, with targets below the 2020 pandemic lows at $3,850, resulting in an 80% decrease from the current Bitcoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
