Bitcoin Could Fall to $20,000 Amid Economic Uncertainty, Says CryptoBanter
CryptoBanter, a popular cryptocurrency YouTuber, has expressed concerns about Bitcoin’s potential decline to $20,000 in the near future due to ongoing economic uncertainty. During his recent livestream on October 12, CryptoBanter analyzed the latest price action and macroeconomic factors affecting Bitcoin. He believes that the leading cryptocurrency is at risk of further declines after breaking below key support levels. If Bitcoin fails to maintain the $25,000 level, strong support should be expected between $25,000 and resistance around $34,000.
Inflation and Miners Selling Bitcoin Add to Downside Pressure
According to CryptoBanter, the Federal Reserve’s likely decision to raise interest rates in response to persistently high inflation could trigger a recession and cause risk assets like Bitcoin to plummet. Additionally, on-chain data suggests that miners are selling large amounts of Bitcoin, adding further downward pressure on its price.
Key Support Level at $20,000
While CryptoBanter anticipates a potential decline for Bitcoin, he does not expect it to crash without support. He is closely monitoring the key support area around $20,000, which aligns with the high block capital liquidation range. If this level is breached, it could trigger significant changes and potentially activate the pre-halving dump theory.
Long-Term Bullish Outlook
Despite short-term caution, CryptoBanter maintains a bullish outlook on Bitcoin in the long run. Based on historical price cycle data, he predicts that Bitcoin will surpass its all-time high of approximately $69,000 between September 2024 and March 2025.
Hot Take: CryptoBanter Warns of Bitcoin’s Potential Decline Amidst Economic Uncertainty
CryptoBanter, a well-known cryptocurrency YouTuber, has raised concerns about the future of Bitcoin amidst ongoing economic uncertainty. He believes that Bitcoin could plummet to $20,000 due to various factors such as inflation and miners selling large amounts of Bitcoin. CryptoBanter suggests that if Bitcoin fails to maintain the $25,000 level, support should be expected around $25,000 with resistance at $34,000. However, he remains optimistic about Bitcoin’s long-term prospects and expects it to surpass its all-time high in the coming years.
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