Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target

    2023.08.20 | exchangesranking | 7322onlookers

    Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target

    Bitcoin  hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.

    BTC/USD 1-hour chart. Source: TradingView

    Analysis: Bitcoin may see new "generational buying opportunity"

    Data from Exchangesranking Markets Pro and TradingView showed an eerie calm covering BTC/USD over the weekend, with the market down 11% in seven days.

    Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.

    “I think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don't think we go there in a straight line,” he concluded in X analysis on Aug. 19.

    “I'm looking for a retest of $25k support to potentially print a double bottom and provide a good foundation for another exit rally. If that setup presents itself, $28k - 29k range is realistic.”

    BTC/USD 1-week chart with 100 SMA. Source: TradingView

    Alan continued that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would “add salt to the wound of this week's losses.”

    “If/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,” he summarized.

    “First would be $24,749 ( @coinbase ) and the next is $19,567 which is not so coincidentally located just below a key R/S flip zone at the 2017 Bull Market Top. Losing that level, paves the way to bearadise and a potential generational buying opportunity.”

    BTC/USD annotated chart. Source: Keith Alan/X

    Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.

    “Break below $25.3K probably target $24K - $23K for stronger buyback reaction else continuation towards $20K,” popular trader Skew told X subscribers in part of a post on the day.

    “Deep sweep below $20K is the extreme end in which would look to be swing long there.”

    Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should buy-side pressure step up.

    BTC/USD annotated chart. Source: Skew/X

    BTC price melts through Whale volume

    Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.

    Significant pockets of on-chain volume, it noted, still lay at $23,200 and $21,000.

    “In case we go even lower,” it commented on a print of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.

    BTC/USD annotated chart. Source: Whalemap/X

    Previous whale support at $28,250 and $26,950 nonetheless failed to hold the market on the way down. 

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