Bitcoin is once again testing the $60,000 level as traders debate whether another big bearish wave is coming.
The price action comes as Bitcoin appears on track for three consecutive quarterly declines, a rarity in its history.
Some traders are noting the asset’s recent resilience despite ongoing pressures, highlighting potential support levels around current prices.
But analyst Rekt Capital says he believes BTC will continue to reverse course in 2022.
It refers to the 50-month exponential moving average, which tracks Bitcoin’s trend over approximately 4 years.
Rekt Capital expects Bitcoin to close June below its long-term support line, turning it into resistance for July, with rejection possible in August.
“This cycle has replicated the trends of 2022 very closely so far and that looks set to continue throughout the summer.”
BTC is at $60,218 at press time, up 0.34% over the past 24 hours.
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