{"id":554430,"date":"2023-10-06T18:00:50","date_gmt":"2023-10-06T18:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=554430"},"modified":"2024-06-11T08:09:12","modified_gmt":"2024-06-11T08:09:12","slug":"bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says\/","title":{"rendered":"Bitcoin News: Here Is When BTC Could Revisit $20,000 One Last Time, Analyst Says"},"content":{"rendered":"

Based on several factors, the latest Bitcoin news points to a potential bullish continuation in the long term. However, the short term remains uncertain; the cryptocurrency continues to trade in a tight range, although BTC has shown a spike in volatility. <\/strong><\/p>\n

Related Reading: Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key<\/a><\/div>\n

As of this writing, the Bitcoin price trades at $25,500 with a 2% loss in the last 24 hours. In the previous seven days, the cryptocurrency maintained some of its profits as most of the tokens in the top 10 by market cap traded in the red after experiencing a slight uptick.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin News: BTC At Risk Of Topping For Remaining Of The Year<\/h2>\n

The bigger picture for Bitcoin leans to the upside with the approval of a BTC spot Exchange Traded Fund (ETF) in the US gaining momentum. However, analyst Rekt Capital believes<\/a> current prices are similar to those in late 2019 and early 2020.<\/p>\n

As the chart below shows, at that time, the price of Bitcoin was trending to the upside in a tight triangle with a top at around $10,000. The cryptocurrency eventually broke about this resistance and entered uncharted territory.<\/p>\n

\"Bitcoin
Is the BTC price imitating 2019’s action? A potential re-test of $20,000 is likely. Source: Rekt Capital<\/figcaption><\/figure>\n

As the chart shows, this scenario has some obstacles for optimistic investors. Before the breakout, the price of Bitcoin revisited the lows and event wicked below critical support at $3,250.<\/p>\n

The analyst believes that BTC could display similar price action as it approaches the top of its current channel. In this scenario, which aligns with BTC\u2019s pre-halving behavior, the cryptocurrency could re-visit the low of the trend.<\/p>\n

As a result, a return to $20,000 and even the $15,000 lows seems likely. The analyst stated:<\/p>\n

Here’s the thing about current prices. Right now, there’s a risk of them representing the Top for 2023. But after the Halving, these same exact prices will represent a Re-Accumulation range (red) before lift-off into a Parabolic Uptrend (green).<\/p><\/blockquote>\n

Still Hope For BTC Price Bulls<\/strong><\/h2>\n

As mentioned, this scenario could hint at short-term losses for BTC, but the analyst shared other Bitcoin news in a more positive tone. First, Rekt Capital believes that the next 6 months into the Bitcoin halving could provide the \u201clast ever retrace\u201d to the $20,000 lows<\/a>.<\/p>\n

Related Reading: Bitcoin And Crypto Under The Lens As Bond Market Recalls 2008 Crash<\/a><\/div>\n

As the market approaches this event, the price of Bitcoin is more likely to trend upwards, with a \u201cstronger\u201d beat back to previous highs and potentially into uncharted territory. The analyst concluded:<\/p>\n

Next ~6 months may offer the last ever retrace to low $20,000s (orange) And 2 months Pre-Halving, we’ll likely see some stronger upside volatility (light blue) Lots of volatility to both the downside & upside await between now and the Halving.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Based on several factors, the latest Bitcoin news points to a potential bullish continuation in the long term. However, the short term remains uncertain; the cryptocurrency continues to trade in a tight range, although BTC has shown a spike in volatility. Related Reading: Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key As of this writing, the Bitcoin price trades at $25,500 with a 2% loss in the last 24 hours. In the previous seven days, the cryptocurrency maintained some of its profits as most of the tokens in the top 10 by market cap traded in the red after experiencing a slight uptick. Bitcoin News: BTC At Risk Of Topping For Remaining Of The Year The bigger picture for Bitcoin leans to the upside with the approval of a BTC spot Exchange Traded Fund (ETF) in the US gaining momentum. However, analyst Rekt Capital believes current prices are similar to those in late 2019 and early 2020. As the chart below shows, at that time, the price of Bitcoin was trending to the upside in a tight triangle with a top at around $10,000. The cryptocurrency eventually broke about this resistance and entered uncharted territory. As the chart shows, this scenario has some obstacles for optimistic investors. Before the breakout, the price of Bitcoin revisited the lows and event wicked below critical support at $3,250. The analyst believes that BTC could display similar price action as it approaches the top of its current channel. In this scenario, which aligns with BTC\u2019s pre-halving behavior, the cryptocurrency could re-visit the low of the trend. As a result, a return to $20,000 and even the $15,000 lows seems likely. The analyst stated: Here’s the thing about current prices. Right now, there’s a risk of them representing the Top for 2023. But after the Halving, these same exact prices will represent a Re-Accumulation range (red) before lift-off into a Parabolic Uptrend (green). Still Hope For BTC Price Bulls As mentioned, this scenario could hint at short-term losses for BTC, but the analyst shared other Bitcoin news in a more positive tone. First, Rekt Capital believes that the next 6 months into the Bitcoin halving could provide the \u201clast ever retrace\u201d to the $20,000 lows. Related Reading: Bitcoin And Crypto Under The Lens As Bond Market Recalls 2008 Crash As the market approaches this event, the price of Bitcoin is more likely to trend upwards, with a \u201cstronger\u201d beat back to previous highs and potentially into uncharted territory. The analyst concluded: Next ~6 months may offer the last ever retrace to low $20,000s (orange) And 2 months Pre-Halving, we’ll likely see some stronger upside volatility (light blue) Lots of volatility to both the downside & upside await between now and the Halving. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":554431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,1122,86867,78790],"class_list":["post-554430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btc-price-analysis","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin News: Here Is When BTC Could Revisit $20,000 Again<\/title>\n<meta name=\"description\" content=\"Based on several factors, the latest Bitcoin news points to a potential bullish continuation in the long term.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin News: Here Is When BTC Could Revisit $20,000 One Last Time, Analyst Says","url":"http:\/\/wncen.com\/news\/bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price-1.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc price","btc price analysis","btcusdt"],"dateCreated":"2023-10-06T18:00:50Z","datePublished":"2023-10-06T18:00:50Z","dateModified":"2024-06-11T08:09:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin News: Here Is When BTC Could Revisit $20,000 One Last Time, Analyst Says\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-news-here-is-when-btc-could-revisit-20000-one-last-time-analyst-says\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price-1.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"btc price analysis\",\"btcusdt\"],\"dateCreated\":\"2023-10-06T18:00:50Z\",\"datePublished\":\"2023-10-06T18:00:50Z\",\"dateModified\":\"2024-06-11T08:09:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price-1.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554430"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554430"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554431"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}