Analyst says Bitcoin might hit this old ‘peak’ again very soon

ambcrypto.com:

Stifel’s Barry Bannister recently predicted that Bitcoin could plunge by 76% to $10,000 by 2023. Agreeing with the headwinds that Bitcoin faces in terms of monetary outlook, Gareth Soloway, President and CFO of InTheMoneyStocks.com, is also placing his high-end target for Bitcoin at $20K. During a recent podcast, he added,

“Bitcoin kind of is a risk on assets so it’s treated like a tech stock, so very likely you will see further downside, I’ll start nibbling on a longer-term entry for Bitcoin when it gets to 20K and then I’ll just kind of keep buying all the way down. “

At press time, Bitcoin was well under the important psychological level of $40,000. On 26 February as well, Bitcoin was unable to sustain its recovery after briefly breaching the level amid the ongoing market risks.

Looking at the 14-day Relative Strength Index (RSI) to understand Bitcoin’s momentum, one can figure out a lot of things. Interestingly, the RSI was at its lowest point on 21 February on the daily chart. It has largely maintained the 45-level since.

Consequently, Bitcoin assumed a bearish trend. This essentially means that the likelihood of Bitcoin remaining in the oversold territory is looking higher in the near term.

Meanwhile, amidst the Ukraine-Russia conflict, the market seems to be in a state of fear. In fact, some investors have been giving in to panic-selling. Even so, long-term players have full faith in the king coin.

— Bitcoin Fear and Greed Index