Bitcoin's (BTC) whipsaw volatility has been on total display throughout June, leaving traders confused and in search of the latest technical indicator or major news declaration that might provide some hint at which manner the price will move.

Equally the month of June comes toward an finish, traders are at present focused BTC'south on the monthly shut to make up one's mind if the forward outlook is tilted toward bulls or bears.

BTC/USDT 1-month chart. Source: TradingView

At the fourth dimension of writing, Bitcoin price is still 47% abroad from its best high at $64,873 and analysts have a mixed view on whether or not the bullish momentum will render in the curt term. Here are 3 perspectives analysts have in mind as the market place prepares to caput into the month of July.

Bitcoin needs to concord the $34,500 support

A survey of crypto Twitter shows that many chart watchers have identified $34,500 as a crucial toll level that needs to be defended to establish the balderdash case for Bitcoin moving forward.

Co-ordinate to Rekt Majuscule, a pseudonymous trader on Twitter, a close almost this level would put the market on a similar trajectory to the BItcoin price pattern seen during the 2013 bull market which included a mid-cycle correction before toll broke out to a new all-time high later on in the year.

From this bullish perspective, the toll of Bitcoin should soon go on the uptrend that began in late 2020 and will theoretically atomic number 82 to a new all-time high later in 2021 or early 2022 which is projected to surpass $100,000 according to the Bitcoin stock-to-flow model.

Bitcoin stock-to-flow model. Source: Lookintobitcoin

Despite the widespread credence and faith in the S2F model, Bitcoin's recent price activity led fifty-fifty Program B, the creator of the popular model, to feel "uneasy" about BTC's nigh recent dip to the lower leap of the model.

Signs of a bearish breakdown

While bull market advocates look for any sign to validate a move higher, the cost action on June 30 defenseless the centre of some other pseudonymous Twitter analyst called John Wick. According to the analyst, there is a bearish topping pattern that can be se in the most contempo BTC chart.

According to Wick, Bitcoin at present needs to agree support at $34,000 or the market could be in for another extended period of sideways, range-spring trading rather than a fledgling move higher.

Bearish sentiments were likewise highlighted in the following tweet from the Twitter personality Nunya Bizniz, who points out that BTC would demand to close above $37,400 to avert three consecutive down months, which has historically indicated more than downside in the time to come.

Signs of rising sentiment

While the debate well-nigh a bullish or surly time to come rages on, there are several indicators pointing to the possibility of rising sentiment amidst the dissonance.

Twitter personality 'Bitcoin Archive' pointed to the Grayscale Bitcoin premium approaching zero and renewed ownership activity past the Purpose Bitcoin ETF as testify that sentiment is on the rise.

Related: NYDIG set to bring Bitcoin adoption to 650 U.s.a. banks and credit unions

On-chain analyst William Clemente III too posted the following chart to highlight the fact that long-term BTC holders have been accumulating since late May afterward the price of Bitcoin bottomed out beneath $29,000.

Bitcoin supply held past long-term holders. Source: Glassnode

Clemente said:

"Bitcoin is inexpensive and Long-Term BTC Holders know it. They've added 741,363 BTC to their holdings since the initial price drawdown in late May.

For a simplified explanation of important levels to keep an eye on, John Bollinger, a technical annotator and creator of Bollinger Bands,  only said that $41,000 and $31,000 are the key "logical levels" to watch and he as well cited the $35,000 to $36,000 zone as crucial support levels to monitor.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves take a chance, you lot should bear your own research when making a decision.