Bitcoin (BTC) hovered above $26,000 by the end of the week on August 20 as doomsday BTC price targets kept coming.
Analysis: Bitcoin May See New ‘Generational Buying Opportunity’
Data from Cointelegraph Markets Pro and transaction view BTC/USD showed an eerie calm over the weekend, with the market down 11% in seven days.
Panicked market watchers remain highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, sees little room for improvement.
“I think $25,000 will eventually break down and clear the way for a retest of support at the top of the 2017 bull market (just below $20,000), but I don’t think we’ll get there in a straight line,” he said. Summarize X Analysis for August 19th.
“I’m looking at the possibility of a retest of support at $25,000 to create a double bottom and provide a good basis for another exit rally. If that setup plays out, the $28,000 to $29,000 range is realistic.”
Such a rally could even hit the 100-week simple moving average (SMA), currently at $31,368, and if that happens, it would “spread salt in the wounds of this week’s losses,” Allen continued.
“If/when we retest $25,000, my (eyes) are on the next series of lower lows,” he concluded.
“The first at $24,749 (@coinbase) and the second at $19,567, not coincidentally, are right below the key R/S flip zone at the top of the 2017 bull market. Lose this level, and it’s a generation for beards and potential Paving the way for people to buy opportunities.”
Others agree that if $25,000 fails to act as support, $20,000 will come back into focus.
Popular trader Skew said: “If the buyback reaction is stronger, a break below $25,300 may target $24,000-$23,000, otherwise continue towards $20,000” Tell X number of subscribers to today’s post.
“A deep break below $20,000 is extreme and looks like a long there.”
Still, Skew suggests that intraday BTC price action could see a bounce near the weekly close, with a potential target of $28,500 if buying pressure builds.
Bitcoin Price Melts on Whale Volume
Meanwhile, some less extreme support below $25,000 comes from analytics platform Whalemap, which looks at past whale buying.
Related: Why Are Crypto Markets Falling Today?
The transaction volume on the chain is huge, it famousstill at $23,200 and $21,000.
“In case we go lower,” it commented in a printout of the data uploaded to X, adding that $19,200 and $16,600 are other interesting points.
Previous whale support remains at $28,250 and $26,950 failed to hold the market On the way down the mountain.
This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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