Bitcoin (BTC), the largest cryptocurrency by market cap, could soon plunge to $19,000 level if it fails to make $22,000 its strong support level, according to a popular crypto analyst.
In a recent tweet, Will Clemente shared the chart he posted on the 24th of June where he analyzed the possible trend of Bitcoin (BTC).
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In the chart, the analyst stated that Bitcoin has a few hours to reclaim $22,000 support levels to avoid a massive drop back to the $19,000 price region.
In a tweet about 15 hours ago, Will Clemente wrote, “Update: 21 hours to close but being back inside the range is no bueno.”
— Will Clemente (@WClementeIII) July 25, 2022
Unfortunately, the flagship crypto is currently struggling with the selling pressure mounted by the unrelenting bears.
At the time of filing this report, Bitcoin (BTC) is trading at $21,884, with about a 4% price downtrend in the last 24 hours, according to CoinMarketCap.
The major reason why lots of traders and analysts hope that Bitcoin (BTC) does not drop below the $22,000 zone once again is the abundance of inflows to the market, which makes the future price bounce a real problem for the market.
There are several factors hinting at the fact that the current rally to $23,000 was a bear trap as Bitcoin (BTC) easily broke through the trendline resistance and then dropped back almost immediately, leaving bulls who opened positions above local resistance levels in heavy loss.
Institutional inflows into the cryptocurrency market are still at a relatively low level, which is another factor that speaks against Bitcoin’s success on the market for the foreseeable future, especially if the first cryptocurrency’s value reaches mid-July levels.