Bitcoin analysts still predict a BTC price crash to $20K
Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see the BTC price 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 current price behavior.
BTC price strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance.
For some, however, there remains every reason to be cautious.
In X (formerly Twitter) analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still very much on the radar as a BTC price target.
The latest trip to $28,600, he argued, is now forming the right-hand shoulder of a classic “head and shoulders” chart pattern — with the downside logically due to follow if it completes.
“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 upside target of $28,000 before reversing toward the $20,000 target.
Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js
Elsewhere in the debate, CryptoBullet said that the bottom zone for BTC/USD lay between $19,000 and $21,000.
Not all responses heeded his warning, with fellow popular trader Elizy, in particular, skeptical of the likelihood of such a scenario playing out.
CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.
Related: Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%
In one of CryptoQuant’s Quicktake blog posts on Sept. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, compared Bitcoin’s performance between 2020 and 2022.
“Between 2020 and
Read more on cointelegraph.com
New oil leak reported after a ferry that repeatedly ran aground off the Swedish coast is pulled free
It's time to buy health insurance through the marketplace. Experts suggest doing your research first
