http://jaberwalk.victoryc.hop.clickbank.net/
Bitcoin (
$63,160.00 ) (BTC) hit six-week highs to start October, but some forecasts still see a BTC price return to $20,000.
While up around 6% since the start of last month and now circling $27,500, Bitcoin ( $63,160.00 ) is not fooling many with its current price behavior.
Analyst: October “should be bearish” for Bitcoin ( $63,160.00 ) later on
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 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 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 built on a previous roadmap from August which gave a short-term upside target of $28,000 before reversing toward the $20,000 target.
Right Shoulder # Bitcoin ( $63,160.00 ) https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js
— CryptoBullet (@CryptoBullet1) October 2, 2023
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.
Warning over “distribution” danger
CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin ( $63,160.00 ) is not yet over.
Related: Bitcoin ( $63,160.00 ) traders demand ‘slow grind’ up after BTC price drops over 4%
In one of its Quicktake blog posts on Sep. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, drew comparisons to Bitcoin ( $63,160.00 ) ’s performance between 2020 and 2022.
“Between 2020 and 2022, Bitcoin ( $63,160.00 ) underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused prices to plummet, sending the cryptocurrency back to lower levels,” he wrote.
Wedson also suggested that should history repeat, sub-$20,000 levels could resurface. An accompanying chart offered a fractal, which could now be subject to a repeat.
“Now, in 2023, we are once again witnessing Bitcoin ( $63,160.00 ) achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, 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,” he continued.
“The target is $19,500 USD if this fractal holds over the next few weeks, which could result in a series of FUD and negative news in the cryptocurrency space. Furthermore, there is the possibility of a redistribution, where the price threatens significant highs, but institutional profit-taking forces the price down, creating an atmosphere of uncertainty in the market.”BTC/USD annotated chart with fractal (screenshot). Source: CryptoQuant
As Cointelegraph reported, other sources, among them trader and analyst Rekt Capital, are demanding that bulls step up to protect support in order to avert a long-term retracement.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
