Mark Newton, Head of Technical Strategy at Fundstrat, believes Bitcoin (BTC) price could be turning north starting from July.
Newton, one of the most closely watched technical analysts on the Street, noted that Bitcoin DeMark exhaustion signals a major low could be set in July.
“Overall, I would have greater confidence of a larger low developing in Bitcoin if/when both weekly and monthly charts are in alignment. This very well might come to fruition for the first time since last November’s peak in 2021, as of next month, July 2022. Multiple timeframes lining up typically provide longer-lasting trend reversals, and we could be on the verge of seeing all come together,” Newton told clients in a note.
However, the strategist added that Bitcoin price could follow equities “and challenge and undercut June lows at 17,592.78 by a minor amount”.
Discussing the precise Bitcoin price levels, Newton added:
“Given that some traders might be inclined to buy dips on such a move, I feel technically that $12,500-$13,000 would be my preferred area to buy dips in the event that $17,592 is taken out. I expect any move down to this level should prove brief, and short-lived, but provide an excellent buying opportunity into mid-July.”
All in all, Newton sees Bitcoin bottoming out in July and heading higher into November.
“Lows should be right around the corner according to this cycle composite, and one should be on alert in the month of July, looking to buy weakness for a healthy rebound, just as sentiment seems to be reaching a bearish tipping point,” Newton concluded.
Source: Cryptocurrency - investing.com
