Bitcoin

Rekt

<div class="sg-post-des">
  BTC price has various reasons to return to $20,000, from a "head and shoulders" pattern to a FUD-induced cascade, Bitcoin analysis warns. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see a BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> return to $20,000.</p> 
 <p>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.</p> 
 <h2 id="analyst-october-should-be-bearish-for-bitcoin-later-on">Analyst: October "should be bearish" for Bitcoin later on</h2> 
 <p>BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance.</p> 
 <p>For some, however, there remains every reason to be cautious.</p> 
 <p>In X 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.</p> 
 <p>The latest trip to $28,600, he argued, is now forming the right hand shoulder of a classic “head and shoulders” chart pattern — with downside logically due to follow if it completes.</p> 
 <p>“Second half of October should be bearish imo,” CryptoBullet wrote in part of a subsequent debate.</p> 
 <p>The idea built on a previous roadmap from August which gave a short-term upside target of $28,000 before reversing toward the $20,000 target.</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js</p>— CryptoBullet (@CryptoBullet1) October 2, 2023 
 </blockquote> 
 <p>Elsewhere in the debate, CryptoBullet said that the bottom zone for BTC/USD lay between $19,000 and $21,000.</p> 
 <p>Not all responses heeded his warning, with fellow popular trader Elizy in particular skeptical of the likelihood of such a scenario playing out.</p> 
 <h2 id="warning-over-distribution-danger">Warning over "distribution" danger</h2> 
 <p>CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%</em></strong></p> 
 <p>In one of its Quicktake blog posts on Sep. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, drew comparisons to Bitcoin’s performance between 2020 and 2022.</p> 
 <p>“Between 2020 and 2022, Bitcoin underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s to plummet, sending the cryptocurrency back to lower levels,” he wrote.</p> 
 <p>Wedson also suggested that should history repeat, sub-$20,000 levels could resurface. An accompanying chart offered a fractal, which could now be subject to a repeat.</p> 
 <p>“Now, in 2023, we are once again witnessing Bitcoin achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, the market has recently experienced significant volatility and a downward <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trend. This similarity to the past raises questions about whether we are witnessing a repeat of the previous cycle,” he continued.</p> 
 <blockquote>
   “The target is $19,500 USD if this fractal holds over the next few weeks, which could result in a series of FUD and negative news in the cryptocurrency space. Furthermore, there is the possibility of a redistribution, where the price threatens significant highs, but institutional profit-taking forces the price down, creating an atmosphere of uncertainty in the market.” 
 </blockquote> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/10/03/6db3416db7797b2b7a887033b000fc32.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart with fractal (screenshot). Source: CryptoQuant</em> 
  </figcaption> 
 </figure> 
 <p>As Cointelegraph reported, other sources, among them trader and <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Rekt Capital, are demanding that bulls step up to protect support in order to avert a long-term retracement.</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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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-analysts-still-predict-a-btc-price-crash-to-20k-tbt64962.html">https://thebittimes.com/bitcoin-analysts-still-predict-a-btc-price-crash-to-20k-tbt64962.html</a></p>

Bitcoin analysts still predict a BTC price crash to $20K

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