Popular cryptocurrency analyst zilbtc.com believes that the rate of the first cryptocurrency may well continue to decline, despite some recovery after June 11.
The analyst notes that the bitcoin price chart has broken down the shape of the ascending triangle formed on small timeframes. This may be a sign that Bitcoin is preparing for a further fall. The next level of support is at around $ 8,575.
Analyst zilbtc.com emphasized that even during the growth of the Bitcoin exchange rate in 2015-2017, the rate of the first cryptocurrency sometimes significantly sagged before conquering new heights.
However, from a fundamental point of view for Bitcoin, everything is going well: investors begin to see an analogue of gold in the first cryptocurrency and invest in bitcoin to protect themselves from inflation.
The behavior of bitcoin is very similar to the period after the halving of the award to miners in 2016, which led to a record “bull” market in 2017. In addition, the volatility of Bitcoin is noticeably reduced, which also “plays into the hands” of the first cryptocurrency.