Falling to $ 3,200 will not disrupt bitcoin's uptrend - Fundstrat analystsThe bitcoin price could head towards the $ 3,200 mark, analysts at Fundstrat Global Advisors warn in a report released on June 13. The lack of reliable support at the $ 6,900 level suggests that the next stop for the cryptocurrency price could be between the $ 5,000 and $ 5,500 marks, they write.

Falling to $ 3,200 won't disrupt bitcoin's uptrend - Fundstrat analysts

The bitcoin rate may head to the $ 3,200 mark, analysts at Fundstrat Global Advisors warn in a report released on June 13. The lack of reliable support at $ 6,900 suggests that the next stop for the cryptocurrency price could be between $ 5,000 and $ 5,500, they write..

“This week, almost all cryptocurrencies fell below important supports. For bitcoin, these levels were around $ 7,355 and $ 7,058. Now, many of them are testing / breaking through the next important support levels, and bitcoin reached its April low of $ 6,450, "the report says..

In the long term, Bitcoin may continue to decline and rush to the bottom of its upward channel, which dates back to 2016. However, a drop to $ 3,200 or more than 80% from the all-time high will not mean a violation of the overall uptrend..

This behavior of Bitcoin will resemble the dynamics of 2014, writes Fundstrat, thereby agreeing with the opinion expressed by analyst Ton Weiss last week. “What will a bear market like 2014 mean? Such a correction will reflect the tendency towards the bottom of this channel, ”analysts comment.

Since the publication of the original warning, bitcoin managed to drop to $ 6,250, after which it returned to the $ 6,500 mark. Fundstrat analyst Tom Lee, who also participated in the compilation of the latest report, remains optimistic about the long-term and even not so distant prospects for bitcoin. By the end of the year, according to Lee, bitcoin will have time to climb to the level of $ 25,000, thus exceeding its previous maximum by $ 5,000..

“Bitcoin doesn't have to go up every day to be around $ 25,000. The top 10 days include all of Bitcoin's return for the year. If we exclude these 10 days, we find that bitcoin falls by 25% every year, "says Lee..

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