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Throwback: Bitcoin Price struggles for $ 7,700, shortage to predict

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The Bitcoin price did not manage to stay above $ 7,700. trendline since May 3rd. If the bullish movement of bitcoin fades and the dominant cryptocurrency cannot rebound quickly to the upper limit of $ 7,700, we can expect bleeding in the region of $ 6,000.

Conditional Gathering

The corrective increase of $ 7,040 to $ 7,700 raised a lot of optimism, especially among short-term bulls who predicted that the price of bitcoin would rebound in the region by $ 10,000. June. Although the target of $ 10,000 in June is still at stake, an additional correction is expected in the coming days, as the corrective adjustment of $ 7,040 has stopped at $ 7,700 and BTC has dropped to 7,600. $

A short-term break in the $ 8,000 region supported by the $ 7,040 corrective rally was conditional, as BTC’s volume needed to increase and cryptocurrency continue to increase. at $ 7,700.

However, due to its low volume of transactions, BTC failed to test a significant short-term support level at $ 8,000 and dropped to $ 7,600. A drop to $ 7,500 could lead to another minor correction by BTC, which could reach the top $ 6,000.

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While BTC’s Relative Strength Index (RSI) is 43.3, it does not demonstrate an oversold condition for BTC. A further drop in BTC would not cause the RSI to drop significantly and therefore a short-term return to the $ 7,700 threshold if the BTC drops to $ 7,500 is unlikely.

The daily candle of June 4th was supposed to be the big short-term break for BTC, surpassing the downtrend line of a month of May 6 and actually setting a background at $ 7,040. But, the recent fall in the price of BTC will likely bring BTC back to the bottom end of $ 7,000 or, in the worst case, to the $ 6,000 region

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Short term non-significant

Despite the negative price trend of BTC, most multi-billion dollar hedge funds remain extremely optimistic about BTC and the entire cryptocurrency market.

The expected drop in the price of the BTC is 5 to 10% maximum, which could reach 15% at its worst level. But, as Dan Morehead, CEO of Pantera Capital, who oversees more than a billion dollars in cryptocurrency and digital assets, said, hedge funds are looking at the market trend of 5 to 10 years.

In the medium and long term, Morehead said that bitcoin is still a screaming purchase, adding:

“As digital tokens continue to grow and gain popularity, the $ 400 billion crypto market could grow to $ 4 trillion, and even $ 40 trillion is definitely possible. Is the 10-year forecast. “

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If BTC gradually recovers from the region $ 6,000 to $ 7,000 and establishes significant levels of support with significant volumes in the coming months, the targets of $ 20,000 to $ 50,000 39, large-scale investors may still be involved.

Often, tokens benefit from an increase in volume and price as the price of the BTC gradually increases and the volume of the cryptocurrency market increases. If BTC enters the $ 7,500 region, it is likely that tokens will still experience a significant decline in value.

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