Bitcoin is giving plenty of longtime market participants reason to forecast a return to its previous cycle’s $20,000 all-time high — or worse.
Bitcoin hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.
Analysis: Bitcoin may see new ‘generational buying opportunity’
Data from Cointelegraph Markets Pro and TradingView showed an eerie calm covering BTC/USD over the weekend, with the market down 11% in seven days.
Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.
“I think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don’t think we go there in a straight line,” he said in an X post on Aug. 19, adding:
“I’m looking for a retest of $25k support to potentially print a double bottom and provide a good foundation for another exit rally. If that setup presents itself, $28k – 29k range is realistic.”
Alan continued, saying that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would “add salt to the wound of this week’s losses.”
“If/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,” he said, adding:
“First would be $24,749 ( @coinbase ) and the next is $19,567 which is not so coincidentally located just below a key R/S flip zone at the 2017 Bull Market Top. Losing that level, paves the way to bearadise and a potential generational buying opportunity.”
Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.
“Break below $25.3K probably target $24K – $23K for stronger buyback reaction else continuation towards $20K,” popular pseudonymous trader Skew told X subscribers in part of a post on the day, adding:
“Deep sweep below $20K is the extreme end in which would look to be swing long there.”
Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should buy-side pressure step up.
BTC price melts through whale volume
Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.
Significant pockets of on-chain volume, it noted, still lay at $23,200 and $21,000.
“In case we go even lower,” it commented regarding a chart of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.
Previous whale support at $28,250 and $26,950 nonetheless failed to hold the market on the way down.