Bitcoin could fall to US$20,000, analyst points out By CriptoFácil

Bitcoin could fall to US$20,000, analyst points out By CriptoFácil

2023-09-23 00:31:38

© Reuters. Bitcoin could fall to US$20,000, analyst points out

CriptoFácil – Cryptocurrency analyst Akash Girimath predicts a bearish scenario for (BTC), as the lack of volatility is generating ambiguity and doubts among investors. He believes that BTC could stage a slight recovery before the long-term bearish scenario materializes.

Girimath highlights that currently, the price of Bitcoin is around US$26,628, after a 3.13% drop in the last 48 hours, caused by a rejection of the 20-week Exponential Moving Average (EMA) of US$27,290 in September 18th.

According to him, the lack of volatility is another reason why the bearish fractal is not developing as expected.

“In March 2022, a rejection at the 20-day EMA was also observed, followed by a small correction and a sweep of buy-side liquidity. If a similar scenario repeats itself for Bitcoin, a return to the $25,762 range could lead to a sweep of the $27,500 level and buy-side liquidity above that level,” he highlighted.

Forecast for Bitcoin

Girimath points out that invalidation of this short-term bearish fractal will occur if Bitcoin price manages to turn the $29,659 hurdle into support. In this case, BTC could revisit the $31,643 resistance.

“On the daily chart, far from the fractal’s bearish outlook, Bitcoin price appears optimistic after having overcome important obstacles. These resistance levels include the 13-day, 25-day and 30-day Exponential Moving Averages all converging around $26,580,” he said.

However, the analyst points out that a break from the confluence of the EMAs at $26,580 would invalidate any bullish outlook. Therefore, according to the analyst, it is much more likely that Bitcoin will fall than rise.

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Finally, Girimath says that investors considering opening long positions based on the $26,580 support should proceed with caution. This is because if the bulls are unable to reduce the downward pressure, BTC price could revisit the $20,431 support level.

By CriptoFácil

#Bitcoin #fall #US20000 #analyst #points #CriptoFácil


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