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Bitcoin price on the decline: Will there be another crash towards $20,000?
The Bitcoin price has struggled to record further increases in recent weeks. After briefly rising above $31,000 a few days ago, the price fell slightly again and is currently hovering around the $30,000 mark. The market is currently waiting for a positive signal that could enable a breakout from the sideways movement. The question is whether there will be another crash towards $20,000. In the last few weeks, the Bitcoin price has exceeded the $30,000 mark. But after this increase, the price stabilized and has been moving ever since...
Bitcoin price on the decline: Will there be another crash towards $20,000?
The Bitcoin price has struggled to record further increases in recent weeks. After briefly rising above $31,000 a few days ago, the price fell slightly again and is currently hovering around the $30,000 mark. The market is currently waiting for a positive signal that could enable a breakout from the sideways movement. The question is whether there will be another crash towards $20,000.
In the last few weeks, the Bitcoin price has exceeded the $30,000 mark. But after this increase, the price stabilized and has since then only moved sideways, between $30,000 and $31,000.
The Bitcoin price has tried several times to sustainably break through the resistance at $31,000. However, this resistance was able to prevent the price from breaking out upwards in the last few days and weeks. A rise towards $35,000 would theoretically be possible, but resistance seems to be too strong so far.
The probability of a crash increases the longer the price moves sideways. Due to the ongoing pressure in the market, a price breakout is becoming increasingly likely. However, since the Bitcoin price has been rejected at resistance several times, the probability of the price falling again towards $25,000 or even $20,000 increases. Recently, such a crash was considered unlikely because the market sentiment was rather bullish due to the Bitcoin ETFs applied for by the major asset managers. Nevertheless, the Fear & Greed Index fell from 63 to 56.
At the moment, the development of the Bitcoin price does not seem to be a major concern. The support at $30,000 is extremely strong and many investors are waiting for the decision regarding Bitcoin ETFs. If approval is granted, there could be a price explosion. Even if support falls, a decline towards $20,000 seems unlikely. Bitcoin has recovered well and strengthened despite problems with the FTX disaster and the charges against Binance. A breakout towards $40,000 remains likely.
Although the Bitcoin price is currently facing challenges, it remains attractive for many investors. If you want to invest in Bitcoin now, you can buy Bitcoin at eToro.
Note: This article is for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves a high level of risk and may result in the loss of invested capital.