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Bitcoin looking at ‘final leg down’ ahead of late summer pump

Bitcoin looking at ‘final leg down’ ahead of late summer pump

After the price of Bitcoin (BTC) dropped below the critical $26,000 mark, pulling the majority of the cryptocurrency market down with it, some crypto analysts see this dip as preceding an even deeper one before the late summer, when a bullish pump is possible.

Specifically, pseudonymous cryptocurrency expert Crypto Tony said he was “looking for a relief wave” for the flagship decentralized finance (DeFi) asset before its “final leg down towards $24,500,” as he explained in a tweet shared on June 6.

However, the analyst is not all bearish on Bitcoin, as he also argued that “this is the final leg down before we accumulate for a pump to come July / August,” as demonstrated by his analysis of the digital asset’s chart patterns.

Bitcoin price action analysis. Source: Crypto Tony

At the same time, Scott Melker, a.k.a. The Wolf Of All Streets, noted that Bitcoin was “dumping on the [Securities and Exchange Commission (SEC)] action against Binance,” which the agency earlier announced, adding that he has “been watching $25,212 for months, approaching quickly,” in his June 6 tweet.

Bitcoin price action analysis. Source: The Wolf Of All Streets

Bitcoin price analysis

As things stand, Bitcoin was at press time changing hands at the price of $25,756, recording a decline of 3.81% in the last 24 hours and dropping 7.32% across the previous seven days, adding up to the losses of 10.88% on its monthly chart, as per data retrieved on June 6.

Bitcoin 24-hour price chart. Source: Finbold

Meanwhile, crypto analyst CryptoJelleNL has observed that Bitcoin had again closed the previous week above the 200-week moving average (MA), taking it as a bullish sign despite the current setback, suggesting it was “a matter of time until Bitcoin finally breaks that $30k level once and for all.”

That said, Altcoin Sherpa had earlier noted that the maiden crypto could drop to as low as $23,000, referring to technical analysis (TA) indicators like the 200-week exponential moving average (EMA), 200-day EMA, support and resistance levels, as well as the 0.382 ratio Fibonacci level.

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