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#bitcoin analysts still predict a BTC price crash to $20K
#BTC price has various reasons to return to $20,000, from a “head and shoulders” pattern to a FUD-induced cascade, Bitcoin analysis warns.
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.
Analyst: October “should be bearish” for Bitcoin later on
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.
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.
Warning over “distribution” danger
CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.
#BTC price has various reasons to return to $20,000, from a “head and shoulders” pattern to a FUD-induced cascade, Bitcoin analysis warns.
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.
Analyst: October “should be bearish” for Bitcoin later on
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.
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.
Warning over “distribution” danger
CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.
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