Bitcoin analysis is preserving $20,000 BTC price targets for Q4.
BTC price has various reasons to return to $20,000, from a “head and shoulders” pattern to a FUD-induced cascade, Bitcoin analysis warns.While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its current price behavior.For some, however, there remains every reason to be cautious.
The latest trip to $28,600, he argued, is now forming the right-hand shoulder of a classic “head and shoulders” chart pattern — with the downside logically due to follow if it completes. “Between 2020 and 2022, Bitcoin underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused prices to plummet, sending the cryptocurrency back to lower levels,” he wrote.
“Now, in 2023, we are once again witnessing Bitcoin achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, the market has recently experienced significant volatility and a downward price trend. This similarity to the past raises questions about whether we are witnessing a repeat of the previous cycle,” he continued.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin S-Chain Advances Scalability and Efficiency in the Bitcoin CommunityHere’s how Bitcoin S-Chain leverages advantages of Bitcoin (BTC) and Ethereum (ETH)
Read more »
Bitcoin (BTC) Price in October Foreshadowed by This Historical PatternExpectations rise as Bitcoin closes first green September in seven years
Read more »
Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%Bitcoin retraces its trip to six-week BTC price highs as sellers win out above $28,500.
Read more »
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and ETH rise to activate “Uptober” monikerBitcoin (BTC) price has optimists excited as it edges north and carries Ethereum (ETH) price along with it. Meanwhile, Ripple (XRP) is lagging, so far
Read more »
Bitcoin & Ethereum Jump: BTC/USD & ETH/USD Price ActionThe break above minor resistance in Bitcoin and Ethereum has reduced some of the immediate downside risks. Can cryptocurrencies sustain gains? What is the outlook and what are the key levels to watch?
Read more »
BTC price hits ‘Uptober’ up 5% — 5 things to know in Bitcoin this weekBitcoin charges into Uptober with five BTC price triggers lining up for the coming week.
Read more »