[Rise Community] Despite a small increase, Bitcoin may still fall to $20,000 by the end of October

泥是水啊 · 2023-10-09T02:28:09.000Z

Despite a strong start to October, analysts are predicting darker days for BTC. Their forecast is based on a classic head-and-shoulders pattern and cyclical trends through late 2020. Bulls are expected to increase their efforts to maintain the current momentum to avoid another plunge in the asset. Bitcoin (BTC) is currently basking in the warmth of its recent victory in October, but some analysts believe the asset class could end October at its lows. Bitcoin, the largest virtual currency by market capitalization, surged to a six-week high after reaching $28,000 in early October. A strong start to the month has sent a wave of optimism across the ecosystem, with bulls keeping a close eye on the $30,000 price point. (Public account; Pepe Stud)

Despite a strong start to October, analysts predict darker days ahead for BTC.
Their prediction is based on a classic head and shoulders pattern and a cyclical trend at the end of 2020.
The bulls are expected to intensify their efforts to maintain the current momentum to avoid another plunge in the asset.
Bitcoin (BTC) is currently basking in the warmth of its recent October triumph, but some analysts believe the asset class could be at a late October low.
Bitcoin, the largest virtual currency by market capitalization, surged to a six-week high after reaching $28,000 in early October. The strong start to the month has set off a wave of optimism throughout the ecosystem, with bulls keeping a close eye on the $30,000 price point. (Official account: Pepe Soha)
Despite the enthusiasm, multiple analysts urged investors to remain on the sidelines amid the grim prospect of a massive correction. Popular analyst CryptoBullet shared his thoughts on the asset’s future prospects, pointing to the developing head and shoulders pattern on the asset’s chart as evidence of a decline.
CryptoBullet noted that the decline could start as early as mid-October and last until the end of the month. The on-chain analyst believes that BTC’s lows could hover between $19,000 and $20,000, designating it as a “buy zone for those who missed the bottom last year.”
“In my opinion, the second half of October should be bearish,” CryptoBullet wrote on X. The recent prediction follows an earlier forecast in August that seemed to predict prices would reach a high of around $28,000 before falling to $20,000.
CryptoBullet’s assertion mirrors a similar prediction submitted by CryptoQuant in late September. According to their report, the on-chain analytics firm said that after a sharp rally in 2020 and 2021, BTC could follow its cyclical trend and lose a large portion of its valuation.
“In 2023, we have once again witnessed Bitcoin achieve gains of over 100%, attracting significant interest from both institutional and retail investors,” CryptoQuant said. “Nevertheless, the market has recently experienced significant volatility and price declines. This similarity to the past raises the question of whether we are witnessing a repeat of the previous cycle.”
The Bulls must step up to hold the lineBitcoin’s near-term outlook appears bleak, but bullish investors have a small window of opportunity to stop its plunge, according to analysts. One expert called on bulls to hold the line to prevent a prolonged correction that could take the asset well below $19,000.
There have been concerns that a string of negative news in the space could cause the price of Bitcoin to surge to new lows. While there are some dissenters, the general consensus is that investors should be prepared for a certain degree of institutional profit-taking as they look for a silver lining in the cloud.