Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

One More Crash Required Before Bitcoin Hits $20K: Analyst

by admin
October 20, 2020
in Bitcoin
0
One More Crash Required Before Bitcoin Hits $20K: Analyst
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter



Bitcoin remains at risk of crashing below $10,000 even as its long-term fundamentals look incredibly bullish.

The benchmark cryptocurrency could fall into the $8,000-8,500 area, according to a trade setup presented by a TradingView-based analyst. It showed BTC/USD in a “breakout zone” above historically relevant trendline resistance, now approaching a sell-off area defined by the $12-000-14,000 range.

Bitcoin faces high selling pressure near $14K. Source: BTCUSD on TradingView.com

The $12,000-14,000 area comes with a historical significance as resistance. It, on more than eight occasions, has capped BTC/USD from extending its upside momentum. Bulls turn cautious around it, leading to a drop in new long positions. That, in turn, paves the way for bears to increase short entries.

RELATED POSTS

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

The upper green bar in the chart above shows higher bearish sentiment around the area.

Bitcoin, therefore, could stretch its upside momentum up until $14,000. Nevertheless, its rally may follow a sharp correction to the downside. Should that happen, the TradingView.com analyst sees the price crashing towards the lower $8,000s.

And he offered more than one technical outlook to explain his bearish bias.

Bearish BAT Formation

The analyst referred to one of his recent outlooks on Bitcoin, reiterating the same bearish correction towards $8Ks but based on a different technical pattern: BAT.

It is a classic retracement and continuation structure that occurs when a trend tentatively reverses its direction and continues on its original course. With that said, BTC/USD could continue trading towards the $12-14K area but would remain at risk of correcting lower below $10,000.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency

Bitcoin price outlook, as presented by Weslad. Source: BTCUSD on TradingView.com

“If you could recall my last analysis which proposed immediate test on 12k zone after discovering potential BAT formation on BTC. This view remains very valid and we can count on it and wait for a possible retracement after the BAT target is achieved.”

Bitcoin at $20K

The analyst further added that a pullback towards $8,000 would bring ideal opportunities for investors with a long-term market outlook.

His chart envisioned a sharp rebound towards $20,000 as Bitcoin hit $8,000.

The prediction fell in line with what other fundamental analysts say about the cryptocurrency: That it would grow higher in the coming quarters as more and more investors pick it as their safe-haven against the Federal Reserve’s dovish policies.

The US central bank has vowed to keep interest rates near zero until 2023. It has also committed to purchase unlimited corporate and US government bonds. The policy risks sending yields on the long-term Treasuries below zero, making it unattractive for investors to hold bonds altogether.

Meanwhile, continuous injection of US dollars into the economy robs the greenback of its appeal of a global safe-haven. The same narrative also intends to help push Bitcoin higher because of its underlying scarcity as an asset.



Source link

Tags: 20KAnalystBitcoinCrashHitsRequired
ShareTweetShare

Related Posts

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

by admin
July 3, 2022
0

Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator...

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

by admin
July 3, 2022
0

The Oslo Freedom Forum offers another perspective.  Seen from the standpoint of activists like these or these, the value...

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

by admin
July 2, 2022
0

On-chain data shows Bitcoin funding rates have sunk into deep negative values, something that could pave way for a...

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

by admin
July 2, 2022
0

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed...

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Bitcoin runs into ‘resistance’ again while Ethereum bumps 9%

Bitcoin runs into ‘resistance’ again while Ethereum bumps 9%

June 3, 2021
5 Money Themes to Watch in 2022

5 Money Themes to Watch in 2022

December 31, 2021
Seth Green Developed An Animated Show Around His Stolen Bored Ape. Now What?

Seth Green Developed An Animated Show Around His Stolen Bored Ape. Now What?

May 25, 2022
Bitcoin Privacy Concerns Become More Frequent in 2020

Bitcoin Privacy Concerns Become More Frequent in 2020

October 11, 2020

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%