Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target
Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.
Data from Cointelegraph Markets Pro and TradingView showed an eerie calm covering BTC/USD over the weekend, with the market down 11% in seven days.
Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.
“I think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don't think we go there in a straight line,” he concluded in X analysis on Aug. 19.
Alan continued that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would “add salt to the wound of this week's losses.”
“If/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,” he summarized.
Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.
“Break below $25.3K probably target $24K - $23K for stronger buyback reaction else continuation towards $20K,” popular trader Skew told X subscribers in part of a post on the day.
Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should buy-side pressure step up.
Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.
Related: Why is the crypto market down today?
Significant pockets of on-chain volume, it noted, still lay at $23,200 and $21,000.
“In case we go even lower,” it commented on a print of its data
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