Since the time Bitcoin reached $69,000 in November 2021, the flagship currency has faced a downward trend where the price even hit $17,622 recently in the month of June.
The flagship currency is now recovering with the price claiming as high as $24,688 in the month of July. However, Bitcoin is still trading in the similar bearish pull seen since its all-time high in last November.
On the other hand, a renowned strategist and analyst who is anonymously known by a Twitter username, Trader_J gives his prediction for the next one and half year. Now, after a month, it’s seen that his predictions were factual.
Bitcoin price action was formed the way he predicted, where the currency successfully moved ahead of the $20,000 mark.
Bitcoin Price To Bottom At $19,000 ?
However, now the strategist has come up with another prediction as he expects the flagship currency to form a bottom at $19,000. Following this, Trader_J forecasts Bitcoin to make a leg up towards $40,000 and form a resistance level there.
If Bitcoin price retraces as per the analyst’s prediction, there will be a swing between $33,000 and $19,000. Next, when the asset witnesses accumulation, there will form a new bull run. Many experts believe that this is how a bear market should actually be. First it is retrace, then accumulation and later a spike.
At the time of publication, Bitcoin is trading at $23,079 after a drop of 2.89% over the last 24hrs. This time both sellers and buyers are equally tough. Hence, the crypto market is looking forwards for SPX 500 which will set the further action.
At present, the key focus that lies ahead is a consolidation beyond 200 Weekly Moving Average. Also today the market will see a closure for weekly and monthly candles, thus the market may experience high fluctuations.