Bitcoin has broken below the immediate support of $64,602, increasing the risk of a fall to the crucial $60,000 price level.
Bitcoin (BTC) is gradually moving down toward the support of the $56,552 to $73,777 range it has been stuck in for the past several months. Glassnode lead analyst James Check cautioned traders in a June 19 X post not to fall prey to a “combination of boredom, mini-pumps and mini-dumps” and get shaken out of their positions.
While the near-term Bitcoin price action remains uncertain, analysts are bullish about the long-term prospects. Analysts at research and brokerage firm Bernstein expect strong flows into spot United States Bitcoin exchange-traded funds to boost Bitcoin’s price to $200,000 by the end of the next year, an upward revision from their previous target of $150,000.
Some analysts expect a correction in the near term but that has not prevented MicroStrategy from adding more Bitcoin to its stockpile. The firm announced on June 20 that it had purchased 11,931 Bitcoin at an average price of $65,883 per Bitcoin, taking its total to 226,331 Bitcoin. The recently completed $800 million convertible note offering funded the latest purchase.
