A potential $2,000 price pullback could be on the horizon for Bitcoin following consecutive days of bullish trends, as buyers anticipate an opportune moment to enter the market.
As of June 22, Bitcoin BTC $30,044 has been hovering close to the $30,000 threshold as traders scan the landscape for promising “buy the dip” scenarios.
Information gathered from Cointelegraph Markets Pro and TradingView depicted a quelling of BTC/USD volatility after a burst of swift gains.
The previous day’s Bitcoin price movements had made a significant impression, with the leading cryptocurrency revisiting the $30,000 level, a milestone not reached since mid-April.
Currently, there is a growing expectation of a minor pullback, which could set the stage for attractive entry points for new long positions.
Michaël van de Poppe, the founder and CEO of trading company Eight, shared his perspective with his Twitter audience, suggesting, “Bitcoin looking at this scenario. I think, $28.500 is an excellent entry point for long positions. The lower, the better, but I believe that’s the zone to target before we’ll continue to $40,000.”
Crypto Tony, a fellow trader, offered a more cautious target of $32,000, while Jelle envisaged more distant thresholds — far beyond the current $69,000 record peak.
The day’s analysis read, “After the falling wedge breakout, we are now back at the key resistance: $30,000. Price appears to be stabilizing a bit, which suggests we may get some dip-buying opportunities soon. Watching $29,000 and $28,000 personally – ready to bid if we get it.”
Analyzing the recent upswing, on-chain analytics company Glassnode suggested that Bitcoin’s behavior is consistent with previous patterns.
The volatility came after an extended period of lateral BTC price action, a characteristic shared by numerous other breakouts.
Glassnode shared a chart on Twitter displaying 30-day highs and lows over the years, with the previous month characterized as “extremely tight.“
They commented, “Historically, extremely tight trading ranges have preceded large, volatile moves in either direction. Thus the 30-day Bitcoin High and Low price range can be utilized as a predictive indicator for detecting incoming volatility, with the most recent rally being no exception.“
Bitcoin’s recent performance indicates a strong resilience and potential for significant upside, despite ongoing regulatory concerns and macroeconomic factors. While pullbacks are common in any market, the anticipated dip could provide a lucrative opportunity for investors with a long-term view.
It’s worth noting that the market’s response to these price movements will offer valuable insights into the current state of investor sentiment towards Bitcoin. A strong buying response to the dip could suggest sustained belief in the digital asset’s value proposition, while a lukewarm reaction may imply the need for further market consolidation.