• Business - Your Money
  • Updated: July 12, 2022

Bitcoin's Chart Displays Risky Pattern That Predicts Decline In June

Bitcoin's Chart Displays Risky Pattern That Predicts Decline

Cryptocurrency investors should prepare themselves for further losses, according to the most recent Bitcoin chart pattern.

The largest digital token has demonstrated what is known as a "rising wedge," which technical analysts interpret as a sort of quiet before the storm — a brief lull in episodes of frequently significant downward pressure on an asset's price.

During the months of May and June, a rising wedge also appeared, stopping Bitcoin's earlier severe decline.

However, this rising wedge was quickly followed by a 42 percent decline that brought the virtual currency from above $30,000 to $17,600.

After falling by 57% this year due to tightening monetary policy, the collapse of leveraged crypto companies, and a gloomy sentiment in the global markets, opinions are divided on whether the cryptocurrency has found a floor around $20,000.

In the most recent MLIV Pulse survey, most participants said that the token is more likely to fall to $10,000 than to reach $30,000.

As of Tuesday at 12:10 p.m. in Singapore, it dropped around 2.4 percent to hit $19,927.

Senior market analyst at Oanda Craig Erlam stated in a note: “Not only is the broader market environment not in its favour, even if the occasional bear-market rally inspires some hope, but the crypto community isn’t exactly buzzing either.”

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