Bitcoin (BTC) has reached six-week highs to start October, but some forecasts still see Bitcoin price returning to $20,000.
Although it has risen by approximately 6% since the beginning of last month and is now priced around $27,500, Bitcoin is not fooling many with its current price behavior.
Analyst: October “should be bearish” for Bitcoin later
BTC price strength in recent weeks has many market participants hoping for a push to resistance to – and even past – $30,000.
However, for some, there is still every reason to be cautious.
In an analysis by X (formerly Twitter) published on October 2, popular trader and market analyst CryptoBullet confirmed that $20,000 remains on the radar as a Bitcoin price target.
He said the recent trip to $28,600 now forms the right shoulder of a classic “head and shoulders” chart pattern – with the downside logically if it completes.
“The second half of October should be bearish,” CryptoBullet books In part of the subsequent discussion.
The idea is built on the August roadmap with a short-term upside target of $28,000 before reversing towards the $20,000 target.
– CryptoBullet (@CryptoBullet1) October 2, 2023
Elsewhere in the discussion, CryptoBullet He said The bottom zone for BTC/USD is between $19,000 and $21,000.
Not all responses heeded his warning, especially with fellow famous trader Elizi, in particular. Skeptical Such a scenario is likely to occur.
Warning about the danger of “distribution”.
However, CryptoBullet is not alone when it comes to fearing that the worst is far from over for Bitcoin.
RELATED: Bitcoin Traders Claim ‘Slow Grind’ After BTC Price Drops Over 4%
In one of CryptoQuant’s Quicktake blogs Supports On September 28, Joao Widson, founder and CEO of cryptocurrency trading resource Domenando Crypto, compared Bitcoin’s performance between 2020 and 2022.
“Between 2020 and 2022, Bitcoin experienced a remarkable rise, reaching historic highs and capturing global attention. However, this phase was followed by a major correction that brought prices down, sending the cryptocurrency back to lower levels.
Widson also noted that if history repeats, levels below $20,000 could reappear. The accompanying chart displays a fractal, which may now be subject to replication.
“Now, in 2023, we are once again seeing Bitcoin achieve gains of more than 100%, attracting significant interest from institutional and retail investors. However, the market has recently witnessed significant volatility and a downward trend in prices. He continued: “This similarity to the past raises questions.” “On whether we are witnessing a repeat of the previous cycle.”
“The target is $19,500 if this fractal continues over the next few weeks, which could lead to a series of FUD and negative news in the crypto space. Moreover, there is a possibility of a redistribution, as the price threatens significant rises, but institutional profit taking pushes the price To decline, creating an atmosphere of uncertainty in the market.
As Cointelegraph reported, other sources, including trader and analyst Reckitt Capital, are calling for bulls to step up to protect support in order to avoid a longer-term pullback.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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