đ Bitcoin Trend Analysis:
âŤď¸ Targeting $60,000
â˘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.
âŤď¸Accumulation and Decline Range
â˘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 Bitcoinâs accumulation, thereâs also a consolidation range for altcoins, potentially enhancing growth opportunities in the future.
âŤď¸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 Bitcoinâs upward movement.
âŤď¸Impactful External Factors
⢠Germanyâs 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.
âŤď¸ 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.