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Here's How Bitcoin's Downtrend May End

Wed, 07/06/2022 - 19:46
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Alex Dovbnya
Bitcoin may need to close above $26,000 in order to confirm the start of a new bull market, according to this analyst
Here's How Bitcoin's Downtrend May End
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Craig Johnson, chief market technician at American independent investment bank Piper Sandler Companies, believes that the ongoing downtrend will end if the largest cryptocurrency manages to score a close above the $26,000 level. This, according to Johnson, would confirm the start of another bull market.

Bitcoin has so far struggled to gather steam, currently trading at the $20,400 level on the Bitstamp exchange.

That said, making concrete Bitcoin price predictions is complicated since the largest cryptocurrency has no fundamentals, Johnson says.

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So far, the analyst hasn’t seen any indications that the trend is going to change anytime soon.

As reported by U.Today, Oanda’s Jeffrey Halley recently opined that $17,500 was a do-or-die level for Bitcoin. If bulls fail to hold, the crypto king will likely plunge much lower.

Bitcoin briefly managed to crash to the $17,600 level last month, which marked its lowest price point since late December 2020.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at