🟠 Bitcoin Trend Analysis:
▫️ Targeting $60,000
•Correction towards the $60,000 level:
• Bitcoin may aim for $60,000 to clear out open short positions, potentially reinforcing short-term downward movement.
• This period is risky and volatile, with each dip seen as a buying opportunity in alternative coins to bolster positions.
▫️Accumulation and Decline Range
•Declining range for Bitcoin between $60,000 and $50,000:
• This range could serve as a strong accumulation zone for Bitcoin, expected to be utilized by investors to build new positions.
• Alongside Bitcoin’s accumulation, there’s also a consolidation range for altcoins, potentially enhancing growth opportunities in the future.
▫️Upcoming Months Outlook
• July and August:
• July and August are expected to be negative for the short term, with market volatility and corrections anticipated.
• This period could present buying opportunities before the expected recovery.
• Recovery starting in September:
• Market recovery is anticipated to begin in September, possibly leading to improvements in Bitcoin and altcoin prices.
• US elections may provide additional impetus for Bitcoin’s upward movement.
▫️Impactful External Factors
• Germany’s sale and Mt. Gox distribution:
• Large sales by the German government and Bitcoin distributions from Mt. Gox have contributed to current selling pressure.
• Mining sell-offs continue due to high mining costs, increasing market supply.
▫️ Conclusion
• The current period is characterized by volatility and selling pressure, but each downturn represents an opportunity to buy altcoins and strengthen positions.
• The $60,000 to $50,000 range could serve as a robust accumulation area for Bitcoin.
• Outlook suggests a market recovery starting from September, potentially supported by US elections.
• Caution is advised in monitoring the market and leveraging downturns to build strong positions in anticipation of expected upward movement.
