Thursday, September 28, 2023

Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level

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Bitcoin, the world’s largest crypto by market cap, is currently under pressure, as it broke the significant $25,000 mark in the last 24 hours. This development has spurred a sense of urgency among traders and market analysts who are bracing for a possible further dip in the value of Bitcoin (BTC).

At the time of writing, BTC is trading at $24,872. The past week has been less than favorable for the cryptocurrency. The asset has plunged 4.2% in the past 24 hours, pushing its price to trade below $25,000. This downward trend has negatively impacted Bitcoin’s weekly performance, resulting in a 6% loss.

Traders And Analysts Voice Concerns

Several traders and analysts have shared their predictions for the leading cryptocurrency in response to its downturn. Notably, a trader identified as Bluntz conveyed that the critical test for Bitcoin would be to reclaim the $25,600 mark in the ensuing days. 

In another corner, a trader called Rekt Capital raised concerns about a possible slide of Bitcoin’s price to lower $20,000. This prediction followed Bitcoin’s break below another weekly support level situated around $26,600.

If Bitcoin faces rejection at this price point in the next few days, Rekt Capital posits that BTC will likely descend to the $20,000 level.

Meanwhile, CryptoCon, another analyst, offered his perspective on the Bitcoin situation. In his tweet, CryptoCon pointed out an interesting correlation with the past, stating that Bitcoin found resistance at $31,000, which was also a key resistance level back in 2016.

Bitcoin MRVRV Z-Score.
Bitcoin MRVRV Z-Score. | Source: Cryptocon

According to his analysis, not only did BTC meet rejection at this resistance level, but it also found support when the price broke below its current all-time high. 

Bitcoin Latest Price Action

It is worth noting that Bitcoin has been in a notable bearish trend in the past week. The largest crypto asset by market capitalization has recorded a downward movement falling by more than 5% in the past 7 days. BTC has continued the downtrend over the past 24 hours, seeing a 4.2% loss.

Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s price moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

At the time of writing, BTC trades at $24,925 after moving slightly above $26,000 on Sunday. Bitcoin’s trading volume has spiked over the past 7 days from below $10 billion earlier this Monday to $14 billion in the past 24 hours, indicating massive trading activity, which could turn into a violent sell-off given its current price.

However, the asset’s market capitalization has seen a more than $30 billion loss in the past 7 days. BTC’s market cap has plummeted from $518 billion last Thursday to $483 billion.

While the regulatory pressure on crypto has continued to intensify, it is important to note that these projections from these traders and market analysts offer a glimpse into the Bitcoin possible potential movements as the regulatory saga unfolds.

Featured image from Unsplash, Chart from TradingView

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