One analyst says Bitcoin (BTC) remains in the tightrope despite its impressive recovery. Another analyst warns that the fun for Bitcoin will end at $20,000. We have compiled the predictions of Bitcoin analysts for our readers.
If Bitcoin breaks below this level, things could get ugly!
According to Oanda analyst Edward Moya, Bitcoin remains in the tightrope despite its impressive recovery. Bitcoin’s medium-term price performance will depend on whether the bears will break below the 2022 low of $17,600. If Bitcoin drops below the aforementioned level, it is possible that this will trigger a large number of ‘technical sells’.
As you follow on Kriptokoin.com, Bitcoin saw a very sharp drop on Thursday due to higher-than-expected inflation. However, the leading crypto quickly cut losses. Moreover, he did a lot of jogging in the green zone during the day. Earlier today, Bitcoin came close to reclaiming the $20,000 level. However, the leading crypto has since bounced back to the $19,200 level. However, analyst Alex Dovbnya says that despite the recent ‘bear trap’, Bitcoin bulls are not yet out of the jungle.
Extreme fear continues
Typically used to measure market sentiment based on volatility, market cap, social media discussions and Bitcoin’s dominance, the ‘fear and greed’ indicator remains in the ‘extreme fear’ zone as the bulls continue to struggle to gain a foothold above $20,000. . This kind of extreme bearish sentiment continued for most of the year. In August, BTC moved to the ‘neutral’ section. However, its poor performance in September dashed hopes of a quick recovery.
Experts predict BTC bears will win
Bitcoin analysts predict that the bears will regain control of the short-term BTC price action. So they will continue to push BTC south. Crypto’s Il Capo echoed an existing theory that involved a push near $21,000 before a new set of macro bottoms emerged.
Jibon, known as Trader_J, is predicting a trip to the lows near $18,000 on the menu in the coming days. It also says that current highs are at $20,000 or just above.
BTC explanatory chart / Source: Trader_J / TwitterFor Michaël van de Poppe, founder and CEO of Eight trade, the current spot price was an important line in the sand. The popular analyst makes the following statement:
BTC dispersed even more. In this way, it is important to maintain the area of around $19.4 thousand. Probably the long field. If it holds, it is possible that eventually, it will go to $20.8k and $22.4k.
BTC annotated chart / Source: Michaël van de Poppe / Twitter
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