• Market Cap: $3,912,698,891,886.39
  • 24h Vol: $245,570,954,201.60
  • BTC Dominance: 60.49%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action

Jon Hartney by Jon Hartney
July 6, 2022
in Bitcoin, Blockchain, Business, Market
0
Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

BTC bulls are holding $20,000, but most traders are confident that the price will remain range-bound for at least six more months.

Trading across the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announcing that it has filed for Chapter 11 bankruptcy protection. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has spent the day oscillating around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on $25.48 billion in trading volume.

Related articles

Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

July 17, 2025
World Liberty Financial Token Proposal Garners Massive 99% Support

World Liberty Financial Token Proposal Garners Massive 99% Support

July 17, 2025
BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts are saying about what could come next for Bitcoin and what support and resistance levels to keep an eye on in the event of a sharp move in price.

Watch the repeating pennant pattern

A noticeable pattern on the Bitcoin chart prior to the pullbacks that have occurred since November 2021 was pointed out by crypto analyst and pseudonymous Twitter user Moustache, who posted the following chart displaying the similarities between each drawdown.

BTC/USD 1-day chart. Source: Twitter

Moustache said:

“$BTC has done the same pattern every time, but each descending triangle has gotten smaller and smaller? Another bearish breakout and the target would be between $14,000 and $16,000.”

Noted market analyst Peter Brandt also recently highlighted the repeating pennant pattern on the Bitcoin chart but stopped short of saying which way the price could move once the formation completes.

When it looks like a pennant and acts like a pennant it is often a pennant $BTC pic.twitter.com/O7RtnvFSp0

— Peter Brandt (@PeterLBrandt) July 5, 2022

Address count grows as the market looks for a bottom

Lately, one of the most popular topics of conversation on Crypto Twitter has been centered around trying to predict the bottom in Bitcoin price.

According to cryptocurrency research firm Delphi Digital, Bitcoin has now closed below its 200 weekly average for four consecutive weeks, a development that has historically “marked previous market bottoms.”

Bitcoin price performance since January 2020. Source: Delphi Digital

As for whether or not Bitcoin traders should expect a rapid recovery, Delphi Digital noted that “this is the longest BTC has remained below its 200 weekly average” and highlighted the fact that “Bitcoin’s weekly correlation coefficient continues to remain inversely related to the US Dollar as it hit a 17-month low of -0.77.”

While a strong dollar suggests that Bitcoin price will continue to struggle alongside other assets, Delphi Digital highlighted one encouraging development that suggests BTC adoption continues to grow.

Delphi Digital said:

“With prices continuing to fall, the number of BTC addresses accumulating BTC continues to rise. Addresses holding at least one BTC have reached a new all-time high of 877,501.”

Related: World’s first short Bitcoin ETF sees exposure explode 300% in days

Some traders predict chop for the remainder of 2022

A macro look at what the past performance of Bitcoin suggests about its future was provided by market analyst and pseudonymous Twitter user KALEO, who posted the following chart outlining previous market cycles.

BTC/USD 3-day chart. Source: Twitter

Based on the chart and the predicted path provided, Kaleo suggested that the market will continue to trade sideways for the foreseeable future and will be “defined by a crab market saying above HTF logarithmic support.”

Kaleo said:

“Most likely path from here is seeing a base range between $16K – $30K established, that eventually resolves around December when price finally breaks above HTF diagonal resistance.”

The overall cryptocurrency market cap now stands at $916 billion and Bitcoin’s dominance rate is 42.5%.

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

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

by Jon Hartney
July 17, 2025
0

Bilal Bin Saqib met El Salvador’s President Nayib Bukele to discuss Bitcoin

World Liberty Financial Token Proposal Garners Massive 99% Support

World Liberty Financial Token Proposal Garners Massive 99% Support

by Jon Hartney
July 17, 2025
0

Holders of the World Liberty Financial token, WLFI, have voted overwhelmingly to make these tokens tradable, a decision that could...

What is a seed phrase, and why is it important?

What is a seed phrase, and why is it important?

by Jon Hartney
July 17, 2025
0

It’s crucial to securely back up and store your seed

XRP Close Above This Level Could Send Price To $4.80, Analyst Says

XRP Close Above This Level Could Send Price To $4.80, Analyst Says

by Jon Hartney
July 17, 2025
0

A cryptocurrency analyst has explained how an XRP close above this level could trigger a run to $480, based on...

Michael Saylor’s Strategy hits record market cap amid Bitcoin surge

Michael Saylor’s Strategy hits record market cap amid Bitcoin surge

by Jon Hartney
July 17, 2025
0

Strategy’s executive chairman Michael Saylor took to social media on

Load More
  • Trending
  • Comments
  • Latest
SUI Price Hits All-Time High – But Questions About Valuation Remain

SUI Price Hits All-Time High – But Questions About Valuation Remain

October 17, 2024
Solana Targets $160 Resistance As TVL Hits New Yearly Highs

Solana Targets $160 Resistance As TVL Hits New Yearly Highs

October 17, 2024
Bitcoin Price Holds Firm: Can It Power Toward New Gains?

Bitcoin Price Holds Firm: Can It Power Toward New Gains?

October 17, 2024
Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10

Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10

October 17, 2024
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

July 17, 2025
World Liberty Financial Token Proposal Garners Massive 99% Support

World Liberty Financial Token Proposal Garners Massive 99% Support

July 17, 2025
What is a seed phrase, and why is it important?

What is a seed phrase, and why is it important?

July 17, 2025
XRP Close Above This Level Could Send Price To $4.80, Analyst Says

XRP Close Above This Level Could Send Price To $4.80, Analyst Says

July 17, 2025

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy July 17, 2025
  • World Liberty Financial Token Proposal Garners Massive 99% Support July 17, 2025
  • What is a seed phrase, and why is it important? July 17, 2025
  • XRP Close Above This Level Could Send Price To $4.80, Analyst Says July 17, 2025
  • Michael Saylor’s Strategy hits record market cap amid Bitcoin surge July 17, 2025

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • Steakhouse EURCV Morpho VaultSteakhouse EURCV Morpho Vault(STEAKEURCV)$0.000000-100.00%
  • FibSwap DEXFibSwap DEX(FIBO)$0.0084659.90%
  • TruFin Staked APTTruFin Staked APT(TRUAPT)$8.020.00%
  • bitcoinBitcoin(BTC)$84,372.003.58%
  • ethereumEthereum(ETH)$1,885.365.68%
  • tetherTether(USDT)$1.000.00%
  • rippleXRP(XRP)$2.186.84%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • binancecoinBNB(BNB)$617.995.03%
  • Wrapped SOLWrapped SOL(SOL)$143.66-2.32%
  • solanaSolana(SOL)$128.974.23%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.1736117.78%
  • cardanoCardano(ADA)$0.687.61%
  • tronTRON(TRX)$0.2342340.79%
  • staked-etherLido Staked Ether(STETH)$1,884.065.48%
  • Gaj FinanceGaj Finance(GAJ)$0.0059271.46%
  • Content BitcoinContent Bitcoin(CTB)$24.482.55%
  • USD OneUSD One(USD1)$1.000.11%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$84,309.003.84%
  • ToncoinToncoin(TON)$4.157.66%
  • UGOLD Inc.UGOLD Inc.(UGOLD)$3,042.460.08%
  • ParkcoinParkcoin(KPK)$1.101.76%
  • chainlinkChainlink(LINK)$14.027.76%
  • leo-tokenLEO Token(LEO)$9.211.17%
  • stellarStellar(XLM)$0.2743585.70%
  • avalanche-2Avalanche(AVAX)$19.647.71%
  • Wrapped stETHWrapped stETH(WSTETH)$2,256.395.40%
  • USDSUSDS(USDS)$1.00-0.01%
  • SuiSui(SUI)$2.429.03%
  • shiba-inuShiba Inu(SHIB)$0.0000137.71%
  • hedera-hashgraphHedera(HBAR)$0.17284810.00%
  • Yay StakeStone EtherYay StakeStone Ether(YAYSTONE)$2,671.07-2.84%
  • polkadotPolkadot(DOT)$4.257.34%
  • litecoinLitecoin(LTC)$85.265.04%
  • bitcoin-cashBitcoin Cash(BCH)$314.248.23%
  • mantra-daoMANTRA(OM)$6.301.94%
  • Pundi AIFXPundi AIFX(PUNDIAI)$16.000.00%
  • PengPeng(PENG)$0.60-13.59%
  • Bitget TokenBitget Token(BGB)$4.664.95%
  • wethWETH(WETH)$1,884.285.66%
  • Ethena USDeEthena USDe(USDE)$1.00-0.04%
  • Binance Bridged USDT (BNB Smart Chain)Binance Bridged USDT (BNB Smart Chain)(BSC-USD)$1.00-0.18%
  • MurasakiMurasaki(MURA)$4.23-13.71%
  • Black PhoenixBlack Phoenix(BPX)$3.351,000.00%
  • Pi NetworkPi Network(PI)$0.714.53%
  • HyperliquidHyperliquid(HYPE)$13.729.80%
  • Wrapped eETHWrapped eETH(WEETH)$2,003.675.53%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$28.350.76%
  • moneroMonero(XMR)$217.841.31%
  • Zypto TokenZypto Token(ZYPTO)$0.037139-3.47%
  • uniswapUniswap(UNI)$6.217.66%
  • AptosAptos(APT)$5.395.79%
  • PepePepe(PEPE)$0.00000811.37%
  • daiDai(DAI)$1.00-0.01%
  • nearNEAR Protocol(NEAR)$2.635.26%
  • XT.comXT.com(XT)$3.08-1.65%
  • Layer One XLayer One X(L1X)$23.35454.66%
  • sUSDSsUSDS(SUSDS)$1.050.05%
  • okbOKB(OKB)$48.762.12%
  • gatechain-tokenGate(GT)$22.883.58%
  • crypto-com-chainCronos(CRO)$0.1015853.46%
  • Coinbase Wrapped BTCCoinbase Wrapped BTC(CBBTC)$84,342.003.68%
  • MantleMantle(MNT)$0.814.44%
  • Tokenize XchangeTokenize Xchange(TKX)$33.460.86%
  • internet-computerInternet Computer(ICP)$5.517.85%
  • ethereum-classicEthereum Classic(ETC)$17.074.81%
  • OndoOndo(ONDO)$0.817.47%
  • First Digital USDFirst Digital USD(FDUSD)$1.00-0.12%
  • aaveAave(AAVE)$168.6110.19%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • Ethena Staked USDeEthena Staked USDe(SUSDE)$1.170.30%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • Official TrumpOfficial Trump(TRUMP)$10.354.36%
  • vechainVeChain(VET)$0.0233636.04%
  • cosmosCosmos Hub(ATOM)$4.538.09%
  • fantomFantom(FTM)$0.70-1.56%
  • BittensorBittensor(TAO)$231.277.72%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • EthenaEthena(ENA)$0.3616194.37%
  • render-tokenRender(RENDER)$3.6710.91%
  • filecoinFilecoin(FIL)$2.927.72%
  • CelestiaCelestia(TIA)$3.181.75%
  • Black AgnusBlack Agnus(FTW)$0.000183423.46%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$84,465.004.02%
  • POL (ex-MATIC)POL (ex-MATIC)(POL)$0.2063993.13%
  • KaspaKaspa(KAS)$0.0682239.38%
  • STAUSTAU(STAU)$0.17397910.95%
  • FasttokenFasttoken(FTN)$4.020.01%
  • Sonic (prev. FTM)Sonic (prev. FTM)(S)$0.5212.98%
  • algorandAlgorand(ALGO)$0.1896979.65%
  • ORA CoinORA Coin(ORA)$4.885.92%
  • ArbitrumArbitrum(ARB)$0.3397526.22%
  • Arbitrum Bridged USDT (Arbitrum)Arbitrum Bridged USDT (Arbitrum)(USDT)$1.000.07%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • kucoin-sharesKuCoin(KCS)$11.231.19%
  • Solv Protocol SolvBTCSolv Protocol SolvBTC(SOLVBTC)$84,076.003.32%
  • fetch-aiArtificial Superintelligence Alliance(FET)$0.4856098.68%
  • optimismOptimism(OP)$0.776.43%
  • StoryStory(IP)$4.75-2.68%