Bitcoin, the world’s leading cryptocurrency, has faced significant volatility recently. This caused traders and investors to consider their next move. Amid changing market dynamics and macroeconomic uncertainties, prominent analysts shared their perspectives on the potential trajectory of Bitcoin’s price. Here is a summary of his views…
Can Bitcoin test $20,000?
Rob Ginsberg, technical analyst at Wolfe Research, expressed his concerns about the current chart state of Bitcoin. After falling sharply, Bitcoin found support above $25,000, sparking controversy about its future direction. Ginsberg highlighted the worsening trend and momentum in the Bitcoin chart, suggesting that there will be a significant decline ahead. Ginsberg identified key support levels between $24,750 and $25,000, adding that he would not be surprised if Bitcoin tests the $20,000 level by the end of the year.
Technical analyst Julius de Kempenaer offered his perspective on Bitcoin’s potential fluctuations. He stated that if the downtrend continues, Bitcoin’s next target could fall as low as $19,000, a level it previously reached in March 2023. On the other hand, he also outlined the possibility of Bitcoin swinging between $25,000 and $30,000 in the near term. According to Kempenaer, this range-bound move could lead to an uptick with Bitcoin’s potential to reach $48,000.
Katie Stockton: There are bearish indicators
Katie Stockton, founder of Fairlead Strategies, weighed in on the future trajectory of Bitcoin’s price. She has set her downside targets as $25,200 and $20,600, respectively. Stockton emphasized that short and medium-term indicators point to a continuous decline, while long-term indicators show signs of improvement. She stressed that bitcoin’s structure could potentially lead to a breach of the $25,200 support level and further increase downside risks.
Noelle Acheson, director of Genesis Trading, highlighted the impact of macro uncertainty on investor behavior. He emphasized that increasing macroeconomic uncertainty deters investors from entering the market. Acheson also noted the existence of weak liquidity and the lack of confidence among investors due to these uncertain conditions. He warned that if the stock market were to experience a significant drop, the crypto market could also suffer, as investors may choose to secure their profits and switch to cash investments until uncertainty subsides.
There are also optimistic views.
Contrary to this view, Stephane Oullette, CEO of FRNT Financial, noted a positive trend observed throughout the year. Oullette emphasized that this year, after every sharp drop in the price of Bitcoin, there has been a recovery. He expressed the expectation to learn more about the potential continuation of sales in the coming days. Oullette also noted that a steady break below $25,000 or a strong momentum above $30,000 could signal a major shift in market dynamics.
Ari Wald, head of technical analysis at Oppenheimer, also interpreted the recent drop as a sign of a shift from an uptrend to a sideways range. It identified the next support level to watch at $24,770 and set the upside target at $27,300, represented by the 200-day moving average. This analysis highlights the importance of key price levels in evaluating Bitcoin’s potential moves.
Knowing every Bitcoin step, Brandt explained what to watch
Peter Brandt, a famous chart analyst, shared his views through a recent tweet. Known for his accurate predictions using technical analysis, Brandt emphasized the critical importance of the $24,800 support level for Bitcoin. He expressed concern that a close below this level could affect the daily and weekly charts, potentially causing more damage. Brandt’s tweet displayed his humility, acknowledging that even seasoned analysts approach the market with a degree of uncertainty.
The decline in Bitcoin $BTC is once again retesting the neckline on the underlying inverted H&S. A close below 24,800 (the low of the previous retest) would do damage to the daily and weekly graphs. But hey, what do I know? I am only a boomer who does charting. pic.twitter.com/Wj5JhFzNdZ
— Peter Brandt (@PeterLBrandt) August 18, 2023
Brandt’s analysis extended beyond the support level, suggesting that Bitcoin’s move around $29,000 could provide insight into its future trajectory. He predicted that a sideways move from this level could lead to a crash, in line with a price drop prediction. cryptocoin.com As we reported, Brandt’s track record of accurately predicting past bear markets has earned him a following of traders, investors, and enthusiasts who value their opinions. As a result, analysts’ perspectives provide valuable insight into its potential moves as Bitcoin moves through uncertain market conditions.
