Insights analyst Will Clemente noted that Bitcoin (BTC) is likely to reverse further in the coming weeks.
Through a tweet posted on June 22, Clemente noted that Bitcoin is in line for a ‘reversal’.
He came to this conclusion by analyzing the asset’s recent price movement in the range between $18,000 and $20,000.
According to the analyst, the bulls are weak and will not support BTC above $20,000.
“This is mainly due to the sales pressure that does not seem to lose strength above the US$ 20 thousand mark”, he highlights.
Also according to him, after reaching lows across the entire historical valuation line, BTC still has surprises in store.
“I think BTC is probably set for some mean reversion in the next few weeks,” Clemente said.
But he believes that BTC should drop a little more before starting a small recovery.
After dropping below $20,000, several market analysts differed on what lies ahead for BTC.
For example, expert Michaël van de Poppe believes that there is a possibility that Bitcoin will fall further before it rises.
Meanwhile, Rekt Capital believes that Bitcoin has yet to reach its bottom. So more downfall is ahead.
Rekt noted that the previous bearish bottom was characterized by high sales volume. But this was followed by an above-average volume of purchases.
However, analysts pointed out that this is not the case in the current market condition.
“While BTC has seen extreme selling volume last week, this week’s volume is drastically below average and dominated by sellers,” the analyst said.
And to make matters worse for Bitcoin, Fed Chair Jerome Powell said that US interest rates will rise further.
He noted that the institution will continue to raise interest rates depending on the general outlook for the economy.
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