The cryptocurrency market, which made a quick start to October, is still in turmoil. While the rise in the price of Bitcoin brings joy to investors, some analysts are focused on the $20,000 level. Bitcoin, which has continued its journey with a 6% increase in the past week, is currently trading at $27,350. Investors continue to closely monitor market conditions, and the uncertainty in Bitcoin is causing fear.
Reactions to BTC Prediction Were Swift
Recent price movements have led some investors to target $30,000. Popular investor and analyst CryptoBullet highlighted the $20,000 level in his Bitcoin analysis published on October 2.
According to the famous analyst, Bitcoin, which reached its highest point in recent times at $28,600, has formed a head and shoulders pattern, and if this pattern works, the price of Bitcoin will follow a downward scenario. In another part of the discussion, CryptoBullet said that the bottom range for BTC/USD is between $19,000 and $21,000.
The analyst who shared his thoughts stated that the bottom range for the BTC/USD pair will be between $19,000 and $21,000. Following these predictions, a large portion of the community reacted. Especially Elizy, who shares his analyses on X, did not believe in the possibility of this prediction coming true.
Bitcoin Could Fall Below $20,000
CryptoBullet, who received reactions with his opinion, also received support. Joao Wedson, the founder of the crypto trading platform Dominance Crypto, compared Bitcoin’s performance between 2020 and 2022 in his blog post titled Quicktake published on September 28. The famous figure stated the following in his blog post:
“Between 2020 and 2022, Bitcoin experienced a significant value gain, reached historic highs, and attracted global attention. However, this stage was followed by a significant correction that caused prices to drop and sent the cryptocurrency back to lower levels.”
Wedson also stated that if historical movements repeat themselves, the price of Bitcoin could fall below $20,000. He reinforced this opinion with the chart analysis he shared in his blog post:
“In 2023, we once again witness Bitcoin gaining over 100% and attracting the interest of institutional and retail investors. However, 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.”
