$24,000 BTC Bullseye: Is Bitcoin Heading for a Summer Crash?

Bitcoin (BTC) has been on a rollercoaster ride for weeks now. However, the largest cryptocurrency in the market is ready to cross the $30,000 mark again if it continues its bullish momentum. Nevertheless, cryptocurrency experts are eyeing a key technical price level that could signal further volatility for the world’s most popular cryptocurrency.

According For crypto expert and economist Mr. Ben Lilly, the $24,000 price level is acting like a bullseye for bitcoin, indicating a possible price decline in the coming months. Lilly’s analysis is based on bitcoin’s 200-day moving average (200d MA), which he believes is a key technical indicator of the cryptocurrency’s price cycle.

Braces for bitcoin volatility

Each halving cycle for bitcoin, which occurs approximately every four years, begins with a failure of the 200D moving average (MA), as shown in the chart shared by Lilly. This failure sets a multi-year price cycle, and Lilly believes history repeats itself.

Based on this theory, Lilly predicts that a failure of the 200d MA level could occur anytime between June and August of 2023, resulting in a drop below $24,000. This prediction is supported by the fact that low-leveraged liquidity pools are forming at the level where the 200d MA is likely to occur in June, which Lilly has marked with a bullseye in its theoretical analysis.

If the history of bitcoin’s price cycles is any guide, this retest is likely to fail, resulting in further volatility for the cryptocurrency. Lilly expects this failure to occur with June-end options, citing the recent easing of May contracts as a subtle sweep lower.

However, it is important to note that the 200d MA is moving faster than before, as each passing day removes one day from the November low and replaces it with the most recent price. This uptrend can be seen at the 200d MA over the past week, which is moving up sharply.

Still on the road to higher prices?

On the other hand, one expert is optimistic about the long-term prospects of bitcoin, despite the recent volatility in the cryptocurrency markets. cryptocurrency analyst and trader Jackys believes that that the current market conditions indicate a long re-accumulation period before bitcoin moves higher.

According to Jackis, bitcoin is still making higher lows and above all-important moving averages, which is a positive sign for the cryptocurrency’s long-term growth. While there may be short-term dips, Zakis believes these are mere setbacks and the bigger picture remains bullish.

Jackys sees a big move in the future, which he mentioned in previous posts. His bet remains to the upside, and he no longer sees any clear signs of a market downturn.

One key factor Jackis points to is the monthly close, which happened recently with a sweep. It provides the biggest market picture; For now, the Jackees are showing no signs of slowing down.

As of this writing, BTC is currently trading at $26,900 after filling a gap on the Chicago Mercantile Exchange (CME), previously highlighted by NewsBTC as a key level before the uptrend can continue. . Nevertheless, with high levels of volatility feared by many industry experts, there is still potential for further downside.

Featured image from iStock, chart from TradingView.com