Bitcoin may bottom in July as weekly, monthly charts signal possible trend reversal: report

Based solely on technical analysis, bitcoin (BTC-USD) could bottom bottom out in July as the weekly and monthly charts point to a possible trend reversal, Mark Newton, head of Technical Strategy at FSInsight, wrote in a note Thursday. As a general rule of thumb, "multiple timeframes lining up typically provide longer-lasting trend reversals, and we could be on the verge of seeing all come together," Newton explained. The alignment between bitcoin's (BTC-USD) weekly and monthly charts hasn't occurred yet, though "this very well might come to fruition for the first time since last November’s peak in 2021, as of next month, July 2022," Newton said. Taking into account that bitcoin (BTC-USD) "has had good success over the last dozen years at making cyclical lows every 90 weeks," Newton concluded that the cryptos' cycles start to turn higher between July and November. As a result, Newton is forecasting a "Summer bottom which likely happens in July and turns up into November of this year, with minor dips into Spring 2023 providing buying opportunities for further strength into late 2023," the note said. The largest digital token by market cap is suffering its most intense drawdown since the bust in 2018 in the wake of shrinking liquidity, tighter financial conditions and recession risks. Over the past 24 hours, bitcoin (BTC-USD) is falling 4.4% to $19.1K and -70% from its November peak of $67.9K. As bitcoin (BTC-USD) trades below th...