Wednesday, 19 June 2024
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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

Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.

BTC/USD 1-hour chart. Source: TradingView

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 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 X analysis on Aug. 19.

“I’m looking for a retest of $25k support to potentially print a double bottom and provide a good foundation for another exit rally. If that setup presents itself, $28k – 29k range is realistic.”

BTC/USD 1-week chart with 100 SMA. Source: TradingView

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 losses.”

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

“First would be $24,749 ( @coinbase ) and the next is $19,567 which is not so coincidentally located just below a key R/S flip zone at the 2017 Bull Market Top. Losing that level, paves the way to bearadise and a potential generational buying opportunity.”

BTC/USD annotated chart. Source: Keith Alan/X

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 X subscribers in part of a post on the day.

“Deep sweep below $20K is the extreme end in which would look to be swing long there.”

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

BTC/USD annotated chart. Source: Skew/X

BTC price melts through Whale volume

Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.

Related: Why is the crypto market down today?

Significant pockets of on-chain volume, it noted, still…

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