Bitcoin (BTC)’s monthly price swing came to an end on June 13 after a deep market sell-off sent the main cryptocurrency below the $29,000 support. The move came as stock markets also plummeted, reaching their peak. the lowest figures of the year.

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Data from Cryptooshala Markets Pro and trade view shows that the Bitcoin sell-off started late on June 12 and escalated into the afternoon of June 13 when BTC hit a low of $22,592.

1-day BTC/USDT chart. Source: Trading View
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Here’s what some market analysts have to say about the fall of Bitcoin and whether this is the latest capitulation before the long-awaited price bottom.

Is there solid support at $23,000?

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Previous bear market capitulations have seen a solid support level on Bitcoin’s 200-week moving average, as shown in the following chart. published market analyst and Twitter user under the pseudonym Rekt Capital.

Weekly BTC/USD chart. Source: Twitter

Based on the trend of the last two cycles, Rekt Capital suggested that perhaps BTC could see a “macro double bottom on the 200-week moving average” if the price moves in a similar manner.

Rekt Capital said,

“If so, then $BTC is very close to forming its first macro day on the 200-week moving average at ~$23,000. A second macro day could form in about two years at around $41,000.”

Analysts say the “maximum pain” is $13,330.

An insight into where Bitcoin could potentially head if it continues to dip below established support levels has been provided by Whalemap data, which published The following chart shows previously established support levels that can now turn into resistance.

Realization price of bitcoins at an address. Source: Twitter

whalemap said,

“#Bitcoin has broken key realized price support where they are likely to be our new resistances. $13,331 is the maximum bottom.”

Bitcoin Derivatives Data Shows No ‘Bottom’ In Sight as Traders Avoid Leveraged Longs

In a pinch, Bitcoin could pull back to $8,000.

According to Francis Hunt, market analyst at The Market Sniper, the price of bitcoin could drop to $8,000 before hitting a real bottom.

1-day BTC/USD chart. Source: Twitter

Hunting said,

“Cumulative points will range from $17,000 to $18,000. That $15,000 is on your head, that would be a pretty nasty drawdown, and there is a bear flag target slightly less strong on the $12,000 bear flag target and a full round trip will get you back to our funnel $8,000 to $10,000.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cryptooshala.com. Every investment and trading step involves risk, you should do your own research when making a decision.