Analyst warns BTC could drop further after worst June since 2022

The June close above realized price but below the 200-week moving average “signals the bear bottom is still ahead per prior cycles,” one analyst said.

Bitcoin could face further downside pressure after ending June below its 200-week moving average but above its realized price, a combination that crypto analyst PlanB says suggests the market has yet to reach a bear market bottom.

Bitcoin fell 20.5% in June to close the month at $58,526 — its worst monthly performance since June 2022 — below its 200-week moving average of $62,000 but above its realized price of $52,000.

“ALL previous bear market bottoms were below realized price,” said PlanB, the creator of the stock-to-flow pricing model, on Wednesday, adding in a separate post that Bitcoin could drop to $52,000.