As bears exert pressure on Bitcoin price, pushing it below the critical $30,000 zone, investors are left questioning the possibility of a further decline to $20,000.
The recent downturn in BTC has ignited speculation about the future trajectory of the world’s leading cryptocurrency.
Will Bitcoin experience a significant drop to the $20,000 level, or can it find support and stage a recovery?
Traders and enthusiasts closely monitor market movements and analyze key indicators to anticipate Bitcoin’s next move.
The current price of Bitcoin is $29,779, with a 24-hour trading volume of $13.1 billion. Over the past 24 hours, Bitcoin has experienced a decrease of over 1%.
It holds the top position in the CoinMarketCap ranking, with a live market capitalization of $578 billion.
The circulating supply of Bitcoin is 19,433,112 BTC coins, and its maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
Upon analyzing the technical aspects of Bitcoin, it is evident that the cryptocurrency is currently encountering immediate support near the $29,750 threshold.
This support is reinforced by the presence of a triple bottom pattern visible in the four-hour timeframe, which indicates the possibility of a bullish recovery in Bitcoin’s price.
However, it is important to consider that the relative strength index (RSI), moving average convergence divergence (MACD), and the 50-day exponential moving average all suggest a bearish sentiment, indicating a higher likelihood of a downward trend.
Should Bitcoin experience a bearish breach below the $29,750 level, it may intensify selling pressure and potentially lead to a decline towards $29,300 or even lower to around $28,750.
Conversely, a bullish breakthrough above the $30,400 level could expose Bitcoin to higher price levels, with potential targets at $30,900 or $31,750.
Please also note that Bitcoin is not projected to fall below $20,000 unless and unless there is a specific event prompting a sell-off in BTC. BTC may reverse before reaching the $20,000 milestone.
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