Bitcoin could not compensate for its losses after the Fed. Therefore, the $20k BTC price is back on the radar. Although Bitcoin is a bargain for some at current levels, downward BTC price predictions remain on the agenda.
Bitcoin analysis: A slow rise, Hype and FOMO
cryptokoin.comAs you follow from , BTC price action has had a lackluster 24 hours. During this time, $27,000 disappeared. The US aFederal Reserve has given little to Bitcoin bulls following an interest rate pause. That’s why Bitcoin dropped almost $700 the day before. Now, market participants have returned to a more conservative outlook in the absence of any tangible volatility. Popular analyst Crypto Tony shares this prediction:
I would say something like this would be perfect during October. A slow rise to $28,500, followed by hype and FOMO, then a decline once again.
BTC is on a downward path to test $20,000!
This is arada, Material Indicators on the weekly chartdeath cross” he observed. this modelspecific moving averageOccurs when alar (MAs) collide. Here the 21-week MA tends to move below its 200-week equivalent. Material Indicators, “The 21-Week and 200-Week Moving Averages are on a collision course for a DeathCross at the Close/Open of the Bitcoin Weekly candle,” he warns. The analytics platform refers to a potential low (LL) at the weekly close:
The 50-Week MA may provide temporary support. It could even trigger a short-term rally. But if the PA gets us there, it will print an LL which I believe opens the door to a downward grind to test $20k.
On the horizon was the liquidation of crypto assets by the bankrupt FTX. This is an event that will contribute to Bitcoin selling pressure. Material Indicators, “If there is a basis for hope, it is that FTX liquidators do not want to see too much price erosion before they start distributing and may try to push the price a little higher. This is completely speculative. But it’s not out of the realm of possibility.” says.
Investors eye bargain Bitcoin price levels
There are also more optimistic views. These include the views of popular analyst CryptoCon, who says Bitcoin is in the early stages of the next bull market. In this context, the analyst makes the following statement:
Nothing could be simpler than this. Bitcoin early and late Bull Market ends in green, Bear Market ends in red.
Doesn’t get much simpler than this.#Bitcoin early and late Bull Market in green, Bear Market ends in red.
The one exception to this on the Kivanc Supertrend was the 2020 black swan.
The only thing that can cause a sell signal is… pic.twitter.com/8F5M74LC44
— CryptoCon (@CryptoCon_) September 21, 2023
Likewise, analyst Jelle is confident, stating that there is a significant buying opportunity for potential BTC investors at current prices.
Historically, the “post-bottom consolidation” phase has been a great time to buy.
I don’t think this time will be different.#Bitcoin pic.twitter.com/8WJ9ixz6Mr
— Jelle (@CryptoJelleNL) September 22, 2023
BTC was trading around $26,600 at the time of this writing. Meanwhile, BTC’s September gains were equal to approximately 2.5%. So, it’s still the best month for Bitcoin since 2016. According to data from tracking resource CoinGlass, BTC has lost every September since then.
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