A Crypto Analyst Believes Bitcoin Won’t Hit $20,000
A popular crypto analyst, trader Cheds, predicts that Bitcoin (BTC) is unlikely to drop to $20,000 in price anytime soon, despite currently trading below $30,000. Cheds explains his reasoning in a recent strategy session and shares his insights with his YouTube subscribers and Twitter followers.
Key Points:
- BTC has multiple support levels down to $25,000, where buyers can step in to prevent further decline.
- Cheds rules out the possibility of Bitcoin hitting $20,000, as it is below the high timeframe level.
- He believes a retest of the $27,500, $28,000, $28,500 range is more likely.
- Cheds predicts a slow grind up in price for Bitcoin.
- He suggests a 70% chance of Bitcoin retesting the $28,000 price range.
Cheds’ Analysis and BTC’s Current Status:
Cheds also mentions that Bitcoin is currently consolidating within an uptrend. He states that the cryptocurrency ended its downtrend after surpassing the high timeframe resistance at $25,000, with the 200-week moving average providing support.
As of now, Bitcoin is valued at $29,224.
Hot Take:
Despite the recent drop in price, Cheds remains optimistic about Bitcoin’s future. He believes that a retest of the $28,000 range is the most likely scenario and expects a gradual increase in price over time.