{"id":536081,"date":"2023-06-01T17:00:13","date_gmt":"2023-06-01T17:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=536081"},"modified":"2024-06-11T08:17:07","modified_gmt":"2024-06-11T08:17:07","slug":"the-24000-btc-bullseye-is-bitcoin-headed-for-a-summer-swoon","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-24000-btc-bullseye-is-bitcoin-headed-for-a-summer-swoon\/","title":{"rendered":"The $24,000 BTC Bullseye: Is Bitcoin Headed For A Summer Swoon?"},"content":{"rendered":"

Bitcoin (BTC) has been on a rollercoaster ride for weeks. However, the largest cryptocurrency in the market seems poised to breach the $30,000 mark again if it continues its bullish momentum. Nevertheless, cryptocurrency experts are eyeing a key technical price level that could signal further volatility for the world’s most popular cryptocurrency.<\/span><\/p>\n

According <\/span><\/a>to crypto expert and Economist Mr. Ben Lilly, the $24,000 price level is acting like a bullseye for Bitcoin, signaling a potential price dip in the coming months. Lilly’s analysis is based on Bitcoin’s 200-day moving average (200d MA), which he believes is a key technical indicator of the cryptocurrency’s price cycles.<\/span><\/p>\n

Related Reading: Shiba Inu Burn Frenzy: More Than 15 Billion Tokens Scorched In May<\/a><\/div>\n

Bitcoin Braces For Volatility<\/span><\/h2>\n

Each halving cycle for Bitcoin, which occurs roughly every four years, begins with the 200d moving average (MA) failing, as shown in a chart shared by Lilly. This failure tends to dictate multi-year price cycles, and Lilly believes history repeats itself.<\/span><\/p>\n

\"Bitcoin
BTC’s 200dMA behavior. Source: Ben Lilly on Twitter.<\/a><\/figcaption><\/figure>\n

Based on this theory, Lilly predicts that the failure of the 200d MA level could happen sometime between June and August of 2023, which could result in a dip below $24,000. This prediction is supported by the fact that low-leveraged liquidity pools are building at the level where the 200d MA will likely be in June, which Lilly has marked with a bullseye in his theoretical analysis.<\/span><\/p>\n

If the history of Bitcoin’s price cycles is any guide, then this retest is likely to fail, which could result in further volatility for the cryptocurrency. Lilly expects this failure to occur with end-of-June options, citing the recent unwind of May contracts as a subtle sweep lower.<\/span><\/p>\n

However, it’s important to note that the 200d MA is rising faster than before, as each passing day removes one day from the November lows and replaces it with a recent price. This acceleration can be seen in the last week on the 200d MA, which is ticking up faster.<\/span><\/p>\n

Still On The Path To Higher Prices?<\/span><\/h3>\n

On the other hand, despite recent volatility in the cryptocurrency markets, one expert remains optimistic about Bitcoin’s long-term prospects. Cryptocurrency analyst and trader Jackis <\/span>believes <\/span><\/a>that the current market conditions indicate a long re-accumulation period before Bitcoin moves higher.<\/span><\/p>\n

According to Jackis, Bitcoin is still making higher lows and is above all critical moving averages, which is a positive sign for the cryptocurrency’s long-term growth. While there may be short-term downside movements, Jackis believes these are simply shakeouts and that the big picture remains bullish.<\/span><\/p>\n

Jackis sees a big move coming in the future, which he has mentioned in previous posts. His bet remains on the upside, and he now sees no clear signs of bearishness in the market.<\/span><\/p>\n

One key factor that Jackis points to is the monthly close, which recently occurred with a sweep. This provides the biggest market picture; for now, Jackis does not see any bearish signs.<\/span><\/p>\n

Related Reading: XRP Hype Spikes As Price Surges 12%, Is This A Top Signal?<\/a><\/div>\n

As of this writing, BTC is currently trading at $26,900, having filled the gap on the Chicago Mercantile Exchange (CME), previously highlighted<\/a> by NewsBTC as a crucial level to observe before the uptrend could continue. Nevertheless, there is still a likelihood of further downside movements, with many industry experts anticipating high levels of volatility.<\/span><\/p>\n

\"Bitcoin
BTC’s sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has been on a rollercoaster ride for weeks. However, the largest cryptocurrency in the market seems poised to breach the $30,000 mark again if it continues its bullish momentum. Nevertheless, cryptocurrency experts are eyeing a key technical price level that could signal further volatility for the world’s most popular cryptocurrency. According to crypto expert and Economist Mr. Ben Lilly, the $24,000 price level is acting like a bullseye for Bitcoin, signaling a potential price dip in the coming months. Lilly’s analysis is based on Bitcoin’s 200-day moving average (200d MA), which he believes is a key technical indicator of the cryptocurrency’s price cycles. Related Reading: Shiba Inu Burn Frenzy: More Than 15 Billion Tokens Scorched In May Bitcoin Braces For Volatility Each halving cycle for Bitcoin, which occurs roughly every four years, begins with the 200d moving average (MA) failing, as shown in a chart shared by Lilly. This failure tends to dictate multi-year price cycles, and Lilly believes history repeats itself. Based on this theory, Lilly predicts that the failure of the 200d MA level could happen sometime between June and August of 2023, which could result in a dip below $24,000. This prediction is supported by the fact that low-leveraged liquidity pools are building at the level where the 200d MA will likely be in June, which Lilly has marked with a bullseye in his theoretical analysis. If the history of Bitcoin’s price cycles is any guide, then this retest is likely to fail, which could result in further volatility for the cryptocurrency. Lilly expects this failure to occur with end-of-June options, citing the recent unwind of May contracts as a subtle sweep lower. However, it’s important to note that the 200d MA is rising faster than before, as each passing day removes one day from the November lows and replaces it with a recent price. This acceleration can be seen in the last week on the 200d MA, which is ticking up faster. Still On The Path To Higher Prices? On the other hand, despite recent volatility in the cryptocurrency markets, one expert remains optimistic about Bitcoin’s long-term prospects. Cryptocurrency analyst and trader Jackis believes that the current market conditions indicate a long re-accumulation period before Bitcoin moves higher. According to Jackis, Bitcoin is still making higher lows and is above all critical moving averages, which is a positive sign for the cryptocurrency’s long-term growth. While there may be short-term downside movements, Jackis believes these are simply shakeouts and that the big picture remains bullish. Jackis sees a big move coming in the future, which he has mentioned in previous posts. His bet remains on the upside, and he now sees no clear signs of bearishness in the market. One key factor that Jackis points to is the monthly close, which recently occurred with a sweep. This provides the biggest market picture; for now, Jackis does not see any bearish signs. Related Reading: XRP Hype Spikes As Price Surges 12%, Is This A Top Signal? As of this writing, BTC is currently trading at $26,900, having filled the gap on the Chicago Mercantile Exchange (CME), previously highlighted by NewsBTC as a crucial level to observe before the uptrend could continue. Nevertheless, there is still a likelihood of further downside movements, with many industry experts anticipating high levels of volatility. Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":536082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-536081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nThe $24,000 BTC Bullseye: Is Bitcoin Headed For A Summer Swoon?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been on a rollercoaster ride for the past weeks, the largest cryptocurrency in the market seems poised to breach the $30,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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