Bitcoin is retesting $60,000 as traders debate whether another big leg down is coming.
The price drop comes as BTC is on track for three consecutive quarterly declines, the rarest occurrence in its history.
Some traders see the stock’s recent strength despite the pressure, indicating potential support levels at current prices.
But Rekt Capital’s analyst says he believes BTC will continue to show momentum in 2022.
He points to the 50-month EMA (Exponential Moving Average), which tracks Bitcoin’s performance over a 4-year period.
Rekt Capital expects that Bitcoin will close June below this long support line, making it negative in July, and refusing to decline in August.
“This cycle has repeated what has happened in 2022 so far and looks set to continue throughout the Summer.”
BTC is trading at $60,218 at press time, up 0.34% in the last 24 hours.
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