Bitcoin is giving plenty of longtime market participants reason to forecast a return to its previous cycle's $20,000 all-time high — or worse.
Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.
Analysis: Bitcoin may see new 'generational buying opportunity'
Data from Cointelegraph 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 said in an X post on Aug. 19, adding:
“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.”
Alan continued, saying 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 said, adding:
“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.”
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 pseudonymous trader Skew told X subscribers in part of a post on the day, adding:
“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 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.
Related: Why is the crypto market down today?
Significant pockets of on-chain volume, it noted, still lay at $23,200 and $21,000.
“In case we go even lower,” it commented regarding a chart of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.
Previous whale support at $28,250 and $26,950 nonetheless failed to hold the market on the way down.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
via cointelgraph.com
