The price of bitcoin rose to a new all-time high of $8,900 in mid-June, before falling slightly to $8,000 in mid-July, where it remains today. However, according to cryptocurrency analyst Josh Rager, an expert at the OkCoin Exchange, on Wednesday, the bitcoin price could climb to new highs in the coming weeks, thereby marking a new all-time high. “Bitcoin price is 3-4 weeks away from new $24K-$29K range, market analyst warns,” reads the title of Josh’s post.

Bitcoin price is 3-4 weeks away from new $24K-$29K range, market analyst warns A report released by a currency analyst on Friday said that bitcoin would trade between $25,000 and $29,000 by the end of the summer.

Well-known cryptocurrency trader Keith Waring has warned traders of bitcoin (BTC) that a critical bearish scenario in the market is imminent.

Earlier this month, one trader saw bitcoin in an inverted “cup-and-handle” pattern, a bearish structure that forms during a wave of price declines followed by a period of stabilization. The engineering design usually results in a price decline equal to the magnitude of the previous decline.

Bitcoin peaked around $65,000 in mid-April, followed by downward movement in subsequent sessions. The 22nd. In June, the cryptocurrency dropped to $28,800 after repeated attempts to keep the price above $30,000. It performed well, but failed to extend its bullish reversal momentum and faced relatively strong selling pressure in the $35,000-36,000 range.

Visualization of the bitcoinhead and handle model. Source: TradingView.com, Keith Waring.

Bitcoin price is 3-4 weeks away from new $24K-$29K range, market analyst warns

The immediate part of the structure seemed to be about to be exhausted, leading Weiring to say that the bitcoin price will fluctuate within the structure for another 3-4 weeks. After that, the cryptocurrency will begin to decline, so it could reach the $24,000 mark.

If the handle breaks, expect 24k -29k to be the new range […] There will be no range for another 3-4 weeks, Waring wrote in an update on the 9th. July.

Negative outlook on all risky assets

Bearish warnings about bitcoin have gained traction in recent weeks after global regulators stepped up their crackdown on the cryptocurrency sector. In China, for example, the central bank has effectively banned all cryptocurrency-related activities, including mining – one of the few surviving crypto industries after Beijing imposed restrictions on cryptocurrency trading in 2018.

Meanwhile, Binance, the world’s largest cryptocurrency exchange by trading volume, has come under pressure from regulators in the UK, Thailand, Canada, Japan and the Cayman Islands for its rampant crypto trading.

Last month, the UK Financial Conduct Authority banned Binance from conducting regulated financial activities. This has prompted Barclays, Faster Payments and Santander to deny their bank customers access to Binance.

BTC/USD prices also fell, along with traditional markets, on growing concerns about the global economy, especially after days of strong moves in government bonds that signaled slower than expected growth and inflation.

We are seeing a shift in asset allocation, with people selling risky assets and buying safer government bonds, said Shaniel Ramji, senior investment manager at Pictet Asset Management, after the yield on 10-year U.S. Treasuries fell Thursday for the first time since February 2021, to 1.276 percent.

Yields fall as bond prices rise.

Bitcoin has a non-permanent positive correlation with the interest rate on 10-year U.S. Treasury bonds. Source: TradingView

Bitcoin price is 3-4 weeks away from new $24K-$29K range, market analyst warns

Clem Chambers, head of financial analysis at ADVFN.com, suggested that bulls should wait for a meltdown before jumping back into the bitcoin market, noting that the next best opportunities to save will come when the cryptocurrency drops to $20,000.

Still, the bulls haven’t given up hope that bitcoin’s growing acceptance by the general public, especially against the backdrop of persistent fears of rising inflation, will pull the cryptocurrency out of its bearish lethargy.

According to Ronnie Moas, founder of Standpoint Research, bitcoin has been in a long, narrow (8%) range of $32,500 to $35,000 for the past three weeks.

I see a 20% drop [in the case of] China, GBTC lockup or other negative headlines, [but] a 150% increase by the end of the year in exchange-traded fund approval, another positive headline, [and] a supply shock.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.

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