Bitcoin analysts still predict a BTC price crash to $20K
Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see the BTC price returning to $20,000.
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.
BTC price strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance.
For some, however, there remains every reason to be cautious.
In X (formerly Twitter) analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still very much on the radar as a BTC price target.
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.
“Second half of October should be bearish imo,” CryptoBullet wrote in part of a subsequent debate.
The idea was built on an August roadmap with a short-term upside target of $28,000 before reversing toward the $20,000 target.
Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js
Elsewhere in the debate, CryptoBullet said that the bottom zone for BTC/USD lay between $19,000 and $21,000.
Not all responses heeded his warning, with fellow popular trader Elizy, in particular, skeptical of the likelihood of such a scenario playing out.
CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.
Related: Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%
In one of CryptoQuant’s Quicktake blog posts on Sept. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, compared Bitcoin’s performance between 2020 and 2022.
“Between 2020 and
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