Is Bitcoin Heading Towards ‘Bearadise’? $20K Price Target in Sight

As doomsday BTC price targets kept coming, Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close. Crypto bulls and bears have been debating whether we are in Web 2.0 or 3.0 and what is the best place to get crypto. Cointelegraph Crypto is one of the best crypto platforms for those looking to invest in Web 3.0 and get the latest news on my AI.

Analysis: Bitcoin may see new “generational buying opportunity”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD to be down 11% in seven days, with a quiet market over the weekend. Market watchers were careful as Keith Alan, co-founder of Material Indicators, saw only a small possibility of improvement.

“I think $25k will eventually break and a retest of the 2017 Bull Market Top near $20k will follow, but I don’t think it will be a direct line,” he said in his Aug. 19 analysis. Alan added that the 100-week simple moving average (SMA) at $31,368 might be reached, and if so, “it will add to the losses of this week.”

“When we reach $25k again, I’m looking for the next series of lower lows,” he summarized. Other traders agreed that a breakdown of $25,000 would lead to a revisit of $20,000.

“If the price falls below $25.3K, it could reach $24K – $23K for a stronger buyback reaction, or continue to $20K,” Skew informed his subscribers. He suggested, however, that BTC might experience an intraday upswing near the weekly close, with $28,500 a potential target if the buying pressure increases.

BTC price melts through Whale volume

Some less extreme support levels below $25,000, as indicated by analytics platform Whalemap, which tracked points of whale buying volume from the past, were still present.

Significant pockets of on-chain volume, it noted, were still seen at $23,200 and $21,000. “In case we go even lower,” it commented on a print of its data uploaded to X, with $19,200 and $16,600 identified as other potential points of interest.

However, previous whale support at $28,250 and $26,950 failed to keep the crypto bull market afloat on the way down.