BTC Price: Decoding The Possibility of Bitcoin Dropping Below $20K

For the first time since June 10, 2022, Bitcoin has reached the extremely important threshold of $30,000, gaining about 80% this year. However, BTC has lost 11% over the following five days, but the narrative is just beginning to get better as BTC consolidates around $27,231.

While most traders and analysts have bullish predictions for Bitcoin, one analyst is hinting that Bitcoin may soon retest the $19k level. Crypto Zombie, in a new video, explained how Bitcoin will move ahead amidst the lack of clarity by the SEC in the US. 

He spoke about the retail investors and how the whales are responding right now to the lack of clarity by the SEC in the US. He said, “I was saying that I’m expecting a retest minimally down here at around $25,300. I think the likelihood of us getting it is pretty good. We could  go even lower than that, well it’s possible.”

Talking about the on-chain data, he said that the moving averages have fallen to 300, which he finds interesting. He further added that Bitcoin could go further south and test the $19,000 level but the analyst suggested that Bitcoin will not test the $15,000 level.

He added, “Let’s just say hypothetically a 30 dip from this point, that would bring us down to about $19,200 it still wouldn’t put in the lower low.”

Logically speaking, the short-term bullish forecast for the price of Bitcoin makes sense, but the volatility may exist longer than expected. The bulls’ strategies could backfire if the selling pressure increases as a result of unexpected macroeconomic events. However, if the analyst’s forecast comes true, then a 30 percent pullback will bring back fear into the market.

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• Source: https://coinpedia.org/bitcoin/btc-price-decoding-the-possibility-of-bitcoin-dropping-below-20k/