Bitcoin analysts prepare for “wild ride to the downside” as monthly close looms

Welcome to the Cointelegraph Markets weekly newsletter where we look at the influential factors behind Bitcoin price action for the days ahead.

View this email in your browser Bitcoin analysts prepare for "wild ride to the downside" as monthly close looms "In the global sense, 'only hold in cash what you can afford to lose' unfortunately is often a serious statement. Currencies get rapidly devalued all the time; most people in developing countries see a major currency devaluation multiple times in their lifetime." — Lyn Alden Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. Another week, another torrent of bearish sentiment across Bitcoin and crypto — are there any signs of a short-term trend reversal? While still above $20,000, the mood on Bitcoin among traders and analysts is anything but positive, and outright bullishness is all but impossible to find. It could, of course, be worse — the weekend remained free of the heavy downside seen during out-of-hours trading in previous weeks and, with it, the risk of new multi-year lows on the weekly close. Coming up on the horizon, however, is a new month and new dangers, these keenly sensed by those who feel that the darkest depths of the bear market lie ahead. As Bitcoin's summer of discontent drags on, Cointelegraph takes a look at what the market believes will provide fuel for action in the coming days. Continue reading to discover five potential BTC price triggers. Hayes fears "wild ride" downhill inbound for crypto Enjoying the calm when it comes to BTC price? Enjoy it while it lasts, analysts say. The end of the month should bring bearish ex-BitMEX CEO Arthur Hayes' anticipated "wild ride to the downside" for both Bitcoin and altcoins. Macro "catalysts" in general are reserved for July, others predict, making the next few days a source of all-too-brief respite. Is this bear… normal? Bitcoin's run to below $20,000 panicked many, but historical data suggests that it is far from unprecedented. The only thing that is, it seems, is traders' reaction to it — coins sold at a loss have been setting records. It may get worse before it gets better, as BTC/USD is still far from its maximum past drawdown from all-time highs. Countdown to the monthly close One event looming large on the immediate horizon is the monthly close — and there's nothing optimistic about it yet. Not only could June 2022 end up being Bitcoin's worst performance since 2018 but BTC/USD may also seal its first close under the 200-week moving average. This is no mean feat, as in times gone by, that trendline has formed unwavering bear market support. Altcoins claw back market share Bitcoin is battling altcoins for supremacy on shorter timeframes, but it seems that the latter has won the day for now. Bitcoin's dominance has declined 5% in three weeks after reaching its highest in almost a year. Altcoins, however, face significant challenges, one commentator argues, and "altseason" is not on the cards. Google users query if Bitcoin is alive What do all Bitcoin price crashes have in common? A surge in mainstream consumer interest. Google Trends confirms that this time is no different, as both "Bitcoin" and "Bitcoin is dead" spike in popularity. Last November's all-time high, by contrast, was of little importance to the average Google user. The Markets are moving, are you? Cointelegraph Markets Pro brings you deep analysis and alerts powered by machine learning to help you stay on the cutting edge as the markets evolve. Don't trade without doing your research! Data-driven trades are smart trades. Trade like a PRO 3.5 million people follow us on social media Download our official app:

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