Bitcoin

Captain

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-what-next-for-btc-price-20k-or-30k/">Bitcoin Price Analysis: What Next For BTC Price? $20K or $30k?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The crypto market experienced significant turbulence with a billion-dollar loss within a day, leaving crypto assets in a precarious position. Bitcoin’s current value of approximately $26,000 reflects a complex interplay of factors that have triggered widespread selling among traders.</p> 
<p>One pivotal factor is the Grayscale versus US SEC case regarding a Bitcoin Exchange-Traded Fund (ETF), which lacks clarity and has contributed to market uncertainty. SpaceX’s move to write down $373 million in Bitcoin reserves has further added to this uncertainty. Additionally, China’s Evergrande group filing for bankruptcy has intensified the sell-off pressure.</p> 
<h2 id="bearish-scenario" data-name="bearish-scenario" class="wp-block-heading">Bearish Scenario </h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> marks the lowest RSI in over 20 months on the daily chart and at the same time hits the support line that was resistance for almost a year.<br><br>Each time the RSI has been &lt;30, the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> has risen between 28% and 60% afterwards.<br><br>No reason to be bearish. <a href="https://t.co/gl3Y4Emy1C" rel="noopener noreferrer nofollow">pic.twitter.com/gl3Y4Emy1C</a></p>— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1693210599222661183?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Despite these challenges, Bitcoin managed to recover to $26,171, showing a modest daily gain of nearly 1%. However, the weekly decline of over 10% raises concerns among investors.</p> 
<p>Market sentiment is mixed, with oscillators signaling a ‘buy’ sentiment while moving averages lean towards a ‘sell’ sentiment. A crypto analyst named El crypto prof notes that the recent sell-off has driven Bitcoin’s Relative Strength Index (RSI) to its lowest level in over 20 months, suggesting potential overselling. Historical correlations between BTC’s RSI dropping below 30 and subsequent price movements show rebounds ranging from 28% to an impressive 60%, indicating a potential future rebound.</p> 
<p>Experts advise investors to watch the critical support zone around $25,000, as a breach below this level could lead to further losses. Amidst ongoing regulatory developments and external trends, Bitcoin’s future rally could be fueled by factors like potential ETF approval and the upcoming 2024 halving event. Analysts and traders remain vigilant for signs of the market’s next major move.</p> 
<h2 id="bullish-scenario" data-name="bullish-scenario" class="wp-block-heading">Bullish Scenario </h2> 
<p>However, not all analysts share the optimism. Peter Brandt <a href="https://twitter.com/PeterLBrandt/status/1692582424243282175" rel="noopener noreferrer nofollow">expresses</a> doubts about Bitcoin’s recent rebound, labeling it as “very suspicious.” Brandt’s caution suggests a potential bearish trend ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> Bullish Trendline Broken; focus on Key 24.9k Support. <br><br>– Stability may lead to a 30k Rebound by September.<br><br>– If Support falters, Next Critical level at 20k.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>&nbsp; <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://t.co/PJEITwcwlc" rel="noopener noreferrer nofollow">pic.twitter.com/PJEITwcwlc</a></p>— Captain Faibik (@CryptoFaibik11) <a href="https://twitter.com/CryptoFaibik11/status/1693476878470828064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Although August exhibited stable price movements, September historically hasn’t been favorable for Bitcoin. With these uncertain dynamics, the question of whether history will repeat itself next month looms large.</p>

Bitcoin Price Analysis: What Next For BTC Price? $20K or $30k?

Table of Contents

CoinPedia News

Other articles published on Aug 21, 2023

Bitcoin Price Prediction: Dollar Instability, De-Dollarization Effects, China's Concerns

Why is SafePal (SFP) Surging in Price? Symmetrical Triangle Breakout Signals Mega Pump

Ada Mastercard Crypto di Uzbekistan, Perbankan Diberi Lampu Hijau

A Crypto Milestone: SEC Set to Green-Light Ethereum Futures ETFs

Coinbase lists SEI; TOADS soars 450% as DigiToads supporters look at Binance for support

China introduces new ID metaverse proposal

Join our free newsletter for daily crypto updates!