Analyst’s BTC Forecast for June
In May, crypto’s tough bear market conditions became evident again, with popular crypto analyst Justin Bennett pointing to further declines. According to him, the stable price will require BTC to drop towards $25,000. Many experts recently expressed that they expect a new regional bottom at $24,300 to $25,000.
BTC is still holding at $26,560 but if that level fails, $25,000 is next. Bitcoin is testing the key horizontal support of $26,560 once again after being rejected from the mid-March trendline at $27,500. The $27,500 zone has been our target for a long time after recovering $26,560 on May 12. Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now.
The analyst states his condition to take a short sell position.
However, I need to see a daily close below $26,560 to open downside targets like $25,000. This was the resistance range for BTC from August 2022 to February 2023. Many will buy Bitcoin in the $25,000 region and wait for $30,000. However, I think we will see it drop below $25,000 after consolidating for a while. My target for the next few weeks is the 23,000 region, which is the measured target of the triangle shown below.
So, under what conditions will the bullish scenario come into play?
Alternatively, a daily close above 27,500 will invalidate my downtrend and allow me to target $28,500.
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