Will The Bitcoin Price Return To $20,000? Crypto Analyst Provides Answers
August 14 2024 - 1:30PM
NEWSBTC
Bitcoin has not been in the $20,000 range going on two years now
and some believe that the pioneer cryptocurrency will never revisit
this level again. However, according to one analyst, the Bitcoin
price falling back to $20,000 is a matter of when, not if. While
they do not expect that this crash will happen anytime soon, they
have warned that the possibility should not be ruled out at this
point. Bitcoin Price Could Go For $20,000 Crypto analyst “Without
Worries”, in a new analysis on the TradingView website, has
outlined the possibility for the Bitcoin price to crash to $20,000
once again. The analysis focuses on the Bitcoin price on the 3-week
chart, which showed some interesting insights into the movement of
the digital asset. Related Reading: Analyst Says XRP Price Will
Rally 10,400% To $60, Here’s When According to the crypto analyst,
there are some important events that have taken place, giving birth
to the expectation that this will happen. One of these has to do
with the Stochastics RSI that has made some notable moves. As the
crypto analyst points out, the Stochastic RSI had moved above 80
and then eventually crossed back down to 50. This move in the
Stochastic RSI, which happens to be one of the most important
indicators of bull and bear cycles, shows resistance is building.
At this point, the analyst advises investors to watch out for
confirmation of resistance that could signal the start of the
downtrend. Looking back, the crypto analyst revealed that
resistance had previously appeared back in 2018 and 2019. What
followed was a downtrend. Then again, in 2021, the resistance
appeared, and each time, there was an average 70% decline following
the resistance. If this resistance were to reappear, then
historical performance would suggest that the Bitcoin price would
follow the same trend. In that case, a 70% decline from the current
all-time high price would mean that the BTC price does return to
the $20,000 level once again. However, this is months away from
playing out, according to the analyst. Will BTC Rally Into 2025?
Touching on the topic of the Bitcoin bull run continuing into the
year 2025, the crypto analyst does not believe this is possible. He
believes that with so many calls for the pioneer cryptocurrency to
reach new peaks, it is not going to happen. Related Reading:
Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why
However, the analyst does not believe that the market has topped at
this point. They point out that the market is still in fear, which
is not an ideal time for the market to reach its top. Instead, the
top will come when the market is in euphoria. “When this RSI
resistance confirms, there will be no long opportunities in the
market until 2027 at the earliest,” the analyst said in closing.
Featured image created with Dall.E, chart from Tradingview.com
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024