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Bitcoin Price Direction in June Forecasted by BTC Top Trader

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Thu, 1/06/2023 - 16:30
Bitcoin Price Direction in June Forecasted by BTC Top Trader
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Seasoned Bitcoin trader Bob Loukas shares his forecast about BTC's price action in June.

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Loukas says he remains bearish on the Bitcoin chart as he speaks about a "perfectly structured 4-year cycle in the early phase."

He adds that a pullback in June to the lower $20,000 level would be a tremendous gift.

Loukas' forecast seems to align with current market realities, as Bitcoin just closed its first negative month in 2023.

As liquidity tightens again after the U.S. debt ceiling is raised, cryptocurrency markets are preparing for a downturn, according to analysts.

The Federal Reserve is winding down its balance sheet and replenishing the U.S. Treasury general account, which will remove hundreds of billions of dollars from the financial system and might pressure cryptocurrency prices in the coming months.

Early in the year, optimism about the Fed pausing rate hikes contributed to an increase in the price of risk assets like stocks and cryptocurrencies. Bitcoin, the biggest cryptocurrency by market capitalization, reached a high of $31,000 thanks to the market-wide crypto rise.

In May, legendary trader Peter Brandt pointed out a key pattern on the Bitcoin (BTC) chart: a "pennant" or "flag" pattern, which he claims has short-term bearish implications.

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As the cryptocurrency market bounced and lost momentum, Bitcoin dropped on Wednesday to end its first negative month of the year.

Bitcoin ended May down 7.9%, marking its worst month since November 2022. On May 31, the leading cryptocurrency plummeted to trade at a low of $26,842.

At the time of writing, Bitcoin was down 0.27% in the last 24 hours to $26,886.

However, on a positive note, on-chain analytics firm Santiment points out that Bitcoin continues to see more of its existing supply move into self-custody. Though not a perfect indicator, declining coins on exchanges generally hint at future bull runs, given enough time to play out, Santiment stated.

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