Bitcoin has not been within the $20,000 range happening two years now and a few consider that the pioneer cryptocurrency won’t ever revisit this level again. Nevertheless, in accordance with one analyst, the Bitcoin price falling back to $20,000 is a matter of when, not if. While they don’t expect that this crash will occur anytime soon, they’ve warned that the chance mustn’t be ruled out at this point.
Bitcoin Price Could Go For $20,000
Crypto analyst “Without Worries”, in a latest evaluation on the TradingView website, has outlined the chance for the Bitcoin price to crash to $20,000 once more. The evaluation focuses on the Bitcoin price on the 3-week chart, which showed some interesting insights into the movement of the digital asset.
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In response to the crypto analyst, there are some essential events which have taken place, giving birth to the expectation that this may occur. Certainly one of these has to do with the Stochastics RSI that has made some notable moves. Because the crypto analyst points out, the Stochastic RSI had moved above 80 after which eventually crossed back right down to 50.
This move within the Stochastic RSI, which happens to be probably the most essential indicators of bull and bear cycles, shows resistance is constructing. At this point, the analyst advises investors to look at out for confirmation of resistance that might signal the beginning of the downtrend.
Looking back, the crypto analyst revealed that resistance had previously appeared back in 2018 and 2019. What followed was a downtrend. However, in 2021, the resistance appeared, and every time, there was a mean 70% decline following the resistance.
If this resistance were to reappear, then historical performance would suggest that the Bitcoin price would follow the identical trend. In that case, a 70% decline from the present all-time high price would mean that the BTC price does return to the $20,000 level once more. Nevertheless, that is months away from playing out, in accordance with the analyst.
Will BTC Rally Into 2025?
Touching on the subject of the Bitcoin bull run continuing into the 12 months 2025, the crypto analyst doesn’t consider this is feasible. He believes that with so many calls for the pioneer cryptocurrency to succeed in latest peaks, it just isn’t going to occur.
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Nevertheless, the analyst doesn’t consider that the market has topped at this point. They indicate that the market remains to be in fear, which just isn’t a great time for the market to succeed in its top. As an alternative, the highest will come when the market is in euphoria. “When this RSI resistance confirms, there can be no long opportunities available in the market until 2027 on the earliest,” the analyst said in closing.
BTC price struggles with bears | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com