Crypto Analyst Predicts Bitcoin (BTC) Won't Drop to $20,000 - Reasons Explained

Crypto Expert Warns Bitcoin (BTC) May Surge Soon, Limiting Entry Opportunities for Traders.

"Crypto Expert Credible Crypto, with a following of 346,000 on platform X, draws parallels between Bitcoin's recent price trends and its 2019 behavior. Many anticipate a significant BTC price drop, reminiscent of 2019's sudden spike.

However, Credible Crypto highlights a key difference: Bitcoin's current market rallies are more gradual, building on a solid foundation, unlike the abrupt parabolic surge of 2019.

He recalls, "The 2019 jump from $3,000 to $14,000 was a rapid escalation, typically followed by significant downturns once the trend breaks, often plummeting by over 80%. This explains the deep price corrections then."

Contrastingly, the current BTC trend isn't parabolic, leading him to believe that those awaiting a dip to $20,000 might be disappointed. He hints that the most explosive phase of Bitcoin's ascent is still on the horizon.

Credible Crypto suggests that if Bitcoin is gearing up for a major upward shift, it shouldn't fall below $26,370, marking the start of the recent impulse.

He adds, "Our recent momentum remains strong. A deeper insight:

Bitcoin consistently trades above its mid-range, a price point with notable fluctuations over the past month. If this momentum heralds a larger surge, the price shouldn't drop below its starting point, as depicted in the chart.

As long as Bitcoin stays above this mid-range, the next aim is the range's peak. A drop below the mid-range signals a potential decline, with a clear downturn if it goes below the recent impulse's starting point."

Source: Credible Crypto/X

At time of writing, Bitcoin is trading for $28,029, very close to the analyst’s range high target.

Oct 02, 2023

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