Potential Bitcoin Crash: Impending Drop Below $20,000 in Sight

Potential Bitcoin Crash: Impending Drop Below $20,000 in Sight


Predicting Bitcoin’s Price Through Historical Data

In the case of predicting the future movements of Bitcoin, historical trends and data can provide valuable insights. In September 2022, Bitcoin (BTC) saw a whole lot of decrease of -3.09%, the largest decline for a September 30 days since 2014. By analyzing this trend, we can anticipate that in September 2023, the digital currency may reach around $25,107. Nonetheless, considering the average September decline of -9.22% over the years, the price could potentially fall even further to approximately $23,530.

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Amplitude Analysis and Uncertain Outlook

Examining the amplitude of Bitcoin’s price fluctuations, we observed that September 2018 had the lowest amplitude since 2014 (excluding 2015 and 2016). If Bitcoin (BTC) comes after the path of 2018, starting from the present opening price of $25,927, it might potentially spiral downwards to around $20,867.67. In addition, historical data implies that the average amplitude hovers around 27.21%, indicating a possible concerning valuation of $18,860 in the future. The present market conditions further contribute to the uncertainty surrounding Bitcoin’s near-term outlook.

Technical Analysis and Support Level

Traders and investors closely monitor Bitcoin’s price trends, and it is as of now valued at around $25,800. The recent setback in its positive trend momentum outlines the importance of the $26,000 level of support. If Bitcoin (BTC) fails to sustain this level, it might trigger a downtrend in the market.

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Hot Take

Bitcoin’s price forecast based on historical data and technical analysis suggests probable declines in the near future. Nonetheless, it is crucial to remember that digital currency markets are highly volatile and subject to numerous factors. Therefore, it is important to conduct thorough research and analysis before making any investment decisions.

Author – Contributor at | Website

Blount Charleston stands out as a distinguished crypto analyst, researcher, and editor, renowned for his multifaceted contributions to the field of cryptocurrencies. With a meticulous approach to research and analysis, he brings clarity to intricate crypto concepts, making them accessible to a wide audience.

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