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The bitcoin chart does not give us any new information based on which the outlook for the main cryptocurrency and the market as a whole would become clearer. But the previous forecasts do not lose their relevance, BTC/USD is consolidating in a triangle, which means that its breakdown and momentum are just around the corner.
But even here, there is no clarity in the direction, it remains to wait since the equilateral triangle is still a servant of two masters. Meanwhile, forecasts and opinions of reputable analysts are also mixed.
For example, JPMorgan bitcoin expert Nikolaos Panigirtzoglou said on Tuesday that the main cryptocurrency may well sink in the area of $26,000 per coin. He notes that due to the recent increase in volatility, a significant percentage of new entrants who only slightly plunged into the current situation and were almost confused are now leaving the market en masse.
The news background does not add optimism either: the bans of the regulatory authorities in China, the laws on crypto-taxes in the United States, and the epic with Elon Musk, although temporary, are bearish factors.
Against this background, the JPMorgan bitcoin expert believes that before bitcoin has any hope for a long-term reversal, its correction may deepen to $26,000.
One of Panigirtzoglou's arguments is the decline in institutional interest in May. Many experts have called the last month a breakout period, as many corporations rushed to buy bitcoin amid its growth. And the recent collapse cooled this ardor.
JPMorgan's pessimistic forecasts also support previously released data from the network, indicating that many new investors were selling their BTC coins during the correction.
It seems that bitcoin is rapidly evolving into a long-term asset class and rewards those who choose to hold it for long despite periods of correction.
Meanwhile, the technical picture on the BTC/USD chart has not changed since yesterday. The triangle on the 4-hour time frame has not lost its relevance, the price is growing inside the pattern. It remains to wait for the breakdown.
As for the decline to $26,000, as predicted by JPMorgan, it is too early to talk about it, but the target of 28,392.99 is quite realistic.
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