The price of Bitcoin ( BTC ) saw an upward turn of events on June 13 when the price rose to $39,252, but many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its upward trend.
To date, the crypto market remains on edge and is two months away from Bitcoin's record high near $65,000. Market analysis by Delphi Digital identified a "major head and shoulders pattern" that could "express more short-term pain if BTC falls below $30,000."
With that in mind, now is a good time to review some key data points to get more perspective on where the Bitcoin price could go next.
A 50% drop in price over the past two months may seem extreme to those unfamiliar with the volatility of the cryptocurrency market, but it's no surprise to long-term holders who have seen many withdrawals of even greater magnitude over the past decade.
