Trader outlines Bitcoin prospects in a sideways market

The market outlook is provided by a practicing trader and founder of the project Crypto Shaman, Vadim Shovkun.

Bitcoin’s price sits in the middle of a sideways trend, with no clear dominance by buyers or sellers.

Local lows and highs are rising, while resistance and support levels remain unchanged: $21,800–$22,200 and $18,600–$18,800.

Forecasting price movement is difficult; in a sideways market, quotes move from boundary to boundary.

Two upside scenarios look most plausible:

1. Bitcoin will rebound from the white ascending line and, after crossing the control point, approach the resistance level.
2. The price will drop to the lower boundary of the range, which will trigger long positions in the region of $18,600–$18,800.

Scenarios in which Bitcoin falls below the support level are not being considered due to a lack of compelling arguments in the industry.

Earlier, the second quarter of 2022 was the worst for Bitcoin in 11 years.

Sixty percent of Bloomberg’s surveyed investors consider Bitcoin’s price to be more likely to fall to $10,000. A recovery to $30,000 is the baseline scenario for the remaining 40%.

Earlier, Rockefeller International’s CEO Ruchir Sharma recommended waiting for a wave of deleveraging for Bitcoin’s recovery.

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