Aug 20, 2023

Is Bitcoin Heading to Bearadise? $20K Price Target is Back

Crypto Bitcoin on the way to 'bearadise'? $20K is back as a BTC price target.
Bitcoin on the way to ‘bearadise?’ $20K is back as a BTC price target

The top crypto asset, Bitcoin (BTC), saw prices hovering above $26,000 as the week closed on Aug. 20, with crypto whale predictions of doomsday BTC prices circulating.

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Analysis: Bitcoin may see new “generational buying opportunity”

Data from Cointelegraph Markets Pro and TradingView showed an eerie calm covering BTC/USD over the weekend, with the crypto market down 11% in seven days.

Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.

“I think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don’t think we go there in a straight line,” he concluded in his analysis on Aug. 19.

Alan continued that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would “add salt to the wound of this week’s crypto losses.”

“If/When we get the retest of $25k, my [big eyes] are looking at the next series of Lower Lows,” he summarized.

Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.

“Break below $25.3K probably target $24K – $23K for stronger buyback reaction else continuation towards $20K,” popular trader Skew told his subscribers in part of a post on the day.

Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should crypto whale buy-side pressure step up.

Crypto Whale volume triggers BTC price meltdown

Some less catastrophic support levels beneath $25,000 were identified by analytics platform Whalemap, which observed points of whale buying volume from the past.

It was pointed out that there were still substantial on-chain volume levels at $23,200 and $21,000.

“In case we go even lower,” it commented on a crypto market today print of its data uploaded to X, indicating that $19,200 and $16,600 were other points of interest.

However, prior whale support at $28,250 and $26,950 was ineffective in keeping the market from declining.

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