Bitcoin price is $20,000, but analysts say 'expect 6 months of sideways price action'

BTC bulls hold $20,000, but most traders are confident the price will stay within the range for at least another six months.
Market Update
Trading in the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announced that it had filed a claim for Chapter 11 bankruptcy.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) spent the day hovering around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on a transaction volume of $25.48 billion.< /p> BTC/USDT 1 day chart. Source: TradingView
Here's a look at what several analysts are saying about what could happen next for Bitcoin and what support and resistance levels to watch for in the event of a big swing in price.
Watch the repeating pennant pattern
A noticeable pattern on the Bitcoin chart prior to pullbacks that have occurred since November 2021 was pointed out by crypto analyst and pseudonymous Twitter user Mustache, who posted the following chart displaying the similarities between each pullback. BTC/USD 1-day chart. Source...

Crypto Jul 7, 2022 0 57 Add to Reading List

Bitcoin price is $20,000, but analysts say 'expect 6 months of sideways price action'

BTC bulls hold $20,000, but most traders are confident the price will stay within the range for at least another six months.

Bitcoin price holds $20K, but analysts say 'expect 6 months of sideways' price action

Market Update

Trading in the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announced that it had filed a claim for Chapter 11 bankruptcy.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) spent the day hovering around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on a transaction volume of $25.48 billion.< /p> BTC/USDT 1 day chart. Source: TradingView

Here's a look at what several analysts are saying about what could happen next for Bitcoin and what support and resistance levels to watch for in the event of a big swing in price.

Watch the repeating pennant pattern

A noticeable pattern on the Bitcoin chart prior to pullbacks that have occurred since November 2021 was pointed out by crypto analyst and pseudonymous Twitter user Mustache, who posted the following chart displaying the similarities between each pullback. BTC/USD 1-day chart. Source...