Aug 20, 2023

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

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. What Three Features Are Integrated Into Web 3.0? The release of web 3.0 will bring with it a variety of new features, such as decentralization, improved scalability, and…

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.

What Three Features Are Integrated Into Web 3.0?

The release of web 3.0 will bring with it a variety of new features, such as decentralization, improved scalability, and data privacy.

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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