Bitcoin Bears Down: Crypto Tumbles 20.5% in Worst June Since '22

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

Crypto analyst PlanB warned that Bitcoin could face further downside pressure after failing to reach a bear market bottom. According to him, the current price move suggests that the market has yet to hit rock bottom.

PlanB noted that all previous bear market bottoms were below the realized price. He added that the current price is undervalued but can still go lower. The analyst predicted that Bitcoin could drop to $52,000, a 60% decline from its all-time high of $126,000 in October.

Other experts also shared their views on the market's direction. Andri Fauzan Adziima, research lead at Bitrue Research Institute, said that the June close above realized price but below the 200-week moving average 'signals the bear bottom is still ahead per prior cycles.' Lacie Zhang, research analyst at Bitget Wallet, predicted a potential bottom zone around $55,000 if further downside occurs.