Bitcoin

Bull Market

<div class="sg-post-des">
  Bitcoin is giving plenty of longtime market participants reason to forecast a return to its previous cycle's $20,000 all-time high — or worse. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a>s kept coming.</p> 
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  <img src="https://s3.cointelegraph.com/uploads/2023-08/3de76e12-5bb9-444b-bfc0-c656960c46c6.png"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart. Source: TradingView</em> 
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 <h2 id="analysis-bitcoin-may-see-new-generational-buying-opportunity">Analysis: Bitcoin may see new 'generational buying opportunity'</h2> 
 <p>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.</p> 
 <p>Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.</p> 
 <p>“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 said&nbsp;in an X post on Aug. 19, adding:</p> 
 <blockquote>
   “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.” 
 </blockquote> 
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  <img src="https://s3.cointelegraph.com/uploads/2023-08/a12cd68c-0e7b-4722-af4f-865b5dd97dbb.png"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-week chart with 100 SMA. Source: TradingView</em> 
  </figcaption> 
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 <p>Alan continued, saying 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.”</p> 
 <p>“If/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,” he said, adding:</p> 
 <blockquote>
   “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.” 
 </blockquote> 
 <figure> 
  <img src="https://s3.cointelegraph.com/uploads/2023-08/471dd547-78c2-4da2-a2b1-399281ecdb35.jpeg"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Keith Alan/X</em> 
  </figcaption> 
 </figure> 
 <p>Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.</p> 
 <p>“Break below $25.3K probably <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> $24K - $23K for stronger buyback reaction else continuation towards $20K,” popular pseudonymous trader Skew told X subscribers in part of a post on the day, adding:</p> 
 <blockquote>
   “Deep sweep below $20K is the extreme end in which would look to be swing long there.” 
 </blockquote> 
 <p>Skew nonetheless suggested that intraday BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action might see a bounce around the weekly close, with $28,500 a potential <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> should buy-side pressure step up.</p> 
 <figure> 
  <img src="https://s3.cointelegraph.com/uploads/2023-08/39d757a7-bd92-4dc4-adb5-005b14e174f5.jpeg"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Skew/X</em> 
  </figcaption> 
 </figure> 
 <h2 id="btc-price-melts-through-whale-volume">BTC price melts through whale volume</h2> 
 <p>Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.</p> 
 <p><em><strong>Related:&nbsp;Why is the crypto market down today?</strong></em></p> 
 <p>Significant pockets of on-chain volume, it noted, still lay at $23,200 and $21,000. </p> 
 <p>“In case we go even lower,” it commented regarding a chart of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.</p> 
 <figure> 
  <img src="https://s3.cointelegraph.com/uploads/2023-08/20da4f5b-e295-4f35-8492-095e7ef7ef0c.jpeg"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Whalemap/X</em> 
  </figcaption> 
 </figure> 
 <p>Previous whale support at $28,250 and $26,950 nonetheless failed to hold the market&nbsp;on the way down.&nbsp;</p> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target

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