Vadim Shovkun, a practical trader and founder of the Crypto Shaman project, talks about the current situation in the market.

Bitcoin price is in the middle of a sideways trend. There is no clear dominance on the part of sellers or buyers.

At the same time, local minimums and maximums increase. The resistance and support levels remain the same: $21,800–$22,200 and $18,600–$18,800.

Price action is difficult to predict – in conditions of a side trend, quotes move from border to border.

There are two most likely growth scenarios:

1. Bitcoin will bounce back from the white rising line and approach the resistance level after crossing the checkpoint.
2. The price will go down to the lower end of the range, which will open long positions in the $18,600-18,800 range.

Scenarios of the first cryptocurrency falling below the support level are not considered due to the lack of serious arguments in the industry.

Recall that the second quarter of 2022 was the worst quarter for Bitcoin in the last 11 years.

60% of investors polled by Bloomberg believe that the price of the first cryptocurrency is more likely to drop to $10,000. For the remaining 40%, the base case is a recovery to $30,000.

Earlier, Ruchir Sharma, CEO of management company Rockefeller International, recommended waiting for a wave of leverage reduction to restore bitcoin.

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