Bitcoin analysts still predict a BTC price crash to $20K

Somewhere else in the dispute, CryptoBullet stated that the bottom zone for BTC/USD lay between $19,000 and $21,000. Not all responses hearkened his caution, with fellow popular trader Elizy, in particular, doubtful of the probability of such a situation playing out.Warning over “distribution” dangerCryptoBullet, however, is far from alone when it pertains to fearing that the worst for Bitcoin is not yet over.Related: Bitcoin traders require slow grind up after BTC cost drops over 4%In one of CryptoQuants Quicktake post on Sept. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, compared Bitcoins performance between 2020 and 2022.”Between 2020 and 2022, Bitcoin went through a noteworthy appreciation, reaching historical highs and capturing global attention. This stage was followed by a significant correction that caused costs to drop, sending out the cryptocurrency back to lower levels,” he wrote.Wedson also suggested that should history repeat, sub-$20,000 levels could resurface. An accompanying chart offered a fractal, which could now go through a repeat.”Now, in 2023, we are once again seeing Bitcoin attaining over +100% in gains, attracting substantial interest from retail and institutional financiers. However, the market has just recently experienced substantial volatility and a downward cost trend. This similarity to the previous raises concerns about whether we are witnessing a repeat of the previous cycle,” he continued.”The target is $19,500 USD if this fractal holds over the next couple of weeks, which could result in a series of FUD and unfavorable news in the cryptocurrency space. In addition, there is the possibility of a redistribution, where the rate threatens substantial highs, but institutional profit-taking requires the price down, producing an atmosphere of unpredictability in the market.”BTC/USD annotated chart with fractal (screenshot). Source: CryptoQuantAs Cointelegraph reported, other sources, among them trader and analyst Rekt Capital, are requiring that bulls step up to protect assistance in order to prevent a long-term retracement.This post does not contain financial investment recommendations or recommendations. Every financial investment and trading move includes threat, and readers need to conduct their own research when deciding.

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Bitcoin (BTC) struck six-week highs to begin October, but some projections still see the BTC cost returning to $20,000. While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its existing price behavior.Analyst: October “ought to be bearish” for Bitcoin later on onBTC price strength in recent weeks has lots of market participants wishing for a push to– and even through– $30,000 resistance.For some, however, there stays every factor to be cautious.In X (formerly Twitter) analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still quite on the radar as a BTC rate target.The most current trip to $28,600, he argued, is now forming the right-hand shoulder of a classic “head and shoulders” chart pattern– with the drawback realistically due to follow if it finishes.” Second half of October should be bearish imo,” CryptoBullet wrote in part of a subsequent debate.The idea was built on an August roadmap with a short-term advantage target of $28,000 prior to reversing towards the $20,000 target.Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js— CryptoBullet (@CryptoBullet1) October 2, 2023

Bitcoin (BTC) struck six-week highs to start October, however some projections still see the BTC price returning to $20,000. While up around 6% because the start of last month and now circling $27,500, Bitcoin is not tricking many with its existing rate behavior.Analyst: October “should be bearish” for Bitcoin later onBTC rate strength in recent weeks has lots of market individuals hoping for a push to– and even through– $30,000 resistance.For some, however, there stays every factor to be cautious.In X (previously Twitter) analysis published on Oct. 2, popular trader and market expert CryptoBullet restated that $20,000 is still really much on the radar as a BTC price target.The newest trip to $28,600, he argued, is now forming the right-hand shoulder of a timeless “head and shoulders” chart pattern– with the downside logically due to follow if it completes. There is the possibility of a redistribution, where the cost threatens considerable highs, but institutional profit-taking forces the price down, developing an environment of unpredictability in the market.