Portfolio Watch: Bitcoin Price Forecast | June 21, 2023

Bitcoin's recent movement shows promising signs, with a notable break above a significant TrendLine on the 3-day chart, transforming it into a strong support at $22,800, as confirmed by a successful retest at $19,850. However, it's important to consider the strong resistance line that has hindered Bitcoin's growth since January 2021. Presently, #Bitcoin is making its second attempt to breach this barrier, and while this shows potential, it's vital to exercise caution as there's a possibility of rejection at this level.

On another note, the high timeframe chart reveals a parallel channel or rising wedge pattern. If Bitcoin adheres to this channel, it could potentially surge towards $38,000. However, a breakdown of this pattern could lead to a more significant price drop, with the current support level at $26,000. Based on this analysis, Bitcoin might initially climb to the $36,000-$38,000 range before potentially correcting to the $29,000-$30,000 bracket. A breakdown in the rising wedge or parallel channel would suggest a bearish scenario, possibly driving Bitcoin's price below $20,000. It's advised to conduct thorough research before making any investment decisions. #BTC #Crypto #News #MarketUpdate