As bears put pressure on bitcoin pricePushing it below the critical $30,000 zone, investors are wondering about the possibility of a further drop to $20,000.
The recent downturn in BTC has ignited speculation about the future trajectory of the world’s leading cryptocurrency.
Will Bitcoin see a significant drop to the $20,000 level, or can it find support and stage a recovery?
Traders and enthusiasts closely follow market movements and analyze key indicators to anticipate Bitcoin’s next move.
bitcoin price
The current bitcoin price is at $29,779, with a 24-hour trading volume of $13.1 billion. Over the past 24 hours, Bitcoin has experienced a decline of more than 1%.
It occupies the top position in the CoinMarketCap ranking, with a live market capitalization of $578 billion.
Bitcoin’s circulating supply is 19,433,112 BTC coins, and its maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
Looking at the technical aspects of Bitcoin, it is apparent that the cryptocurrency currently finds immediate support near the $29,750 threshold.
This support is reinforced by the presence of a triple bottom pattern visible on the four-hour time frame, indicating the possibility of a bullish recovery in the Bitcoin price.
However, it is important to note that the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and 50-Day Exponential Moving Average all suggest bearish sentiment, indicating a higher probability of a downtrend. low.
If Bitcoin breaches below the $29,750 level, it can intensify the selling pressure and potentially lead to a fall towards $29,300 or even lower to around $28,750.
Conversely, a bullish break above the $30,400 level could expose Bitcoin to higher price levels, with potential targets at $30,900 or $31,750.
Also note that Bitcoin is not forecast to fall below $20,000 unless there is a specific event that causes a BTC sell-off. BTC may reverse before reaching the $20,000 milestone.
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