{"id":516709,"date":"2023-01-19T12:00:09","date_gmt":"2023-01-19T17:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=516709"},"modified":"2024-06-11T08:08:30","modified_gmt":"2024-06-11T08:08:30","slug":"bitcoin-might-fall-below-20000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-might-fall-below-20000\/","title":{"rendered":"Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says"},"content":{"rendered":"

The last two weeks have been incredible for the price of bitcoin. The digital asset has been able to successfully make its way out of a depressing bear trend and reached two-month highs in the process. However, with the recent pullback, there may be a bit more pain for bitcoin investors before the upward rally continues.<\/p>\n

Analyst Justin Bennett Says Bitcoin Below $20,000 Is Possible<\/h2>\n

In a new issue of his crypto trading newsletter<\/a>, analyst Justin Bennett reveals some bearish tendencies of the market. He first points to the fact that the market has enjoyed a good amount of gains, adding as much as 28% to its value in just the last 18 days. But as is expected after such a rally, a market correction has pulled back the price of the digital asset.<\/p>\n

Related Reading: Bitcoin Price: Investors Predict 12% Decline For BTC In Next Two Weeks<\/a><\/div>\n

While there have been speculations that this pullback would only be temporary, Bennett explains that it could go a lot further. Now, the analyst does not take away from the bull trend that bitcoin is currently on but rather presents a scenario where the price of the cryptocurrency could back to below $20,000 before the rally resumes.<\/p>\n

\"Bitcoin<\/p>\n

BTC could see sub-$20,000 before rally resumes | Source: Cryptocademy<\/a><\/pre>\n
BTC has already fallen back into the $20,000 region as of the time of this writing, giving credence to Bennett\u2019s analysis. However, with key support for the digital asset now resting at $20,000, bears could pull the price as close to this support as possible before the bears take over once more.<\/p>\n
\u201cI like Bitcoin higher toward $25,000 and potentially $29,000, but not without a pullback into the $20,000 region first,\u201d Bennett said in his newsletter.<\/p>\n
Factors That Drive This Pullback<\/h2>\n
In the same newsletter, Bennett points to the PPI data release that underwhelmed the market. In the end, the much-anticipated release was lower than expected, triggering fatigue in the market. Bitcoin had fallen below $21,000 as a result of this.<\/p>\n
Also pointing to the US Dollar Index (DXY), the analyst explained the movement of this index on the back of the PPI data release would\u2019ve been bullish for assets such as BTC. \u201cBut I think markets got ahead of themselves, so a lot of that bullishness was already priced in,\u201d Bennett added.<\/p>\n
\"Bitcoin<\/p>\n
BTC corrects downward following rally | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Since this pullback has pushed the price of BTC dangerously close to the 5-day moving average, it should come as no surprise if the cryptocurrency were to lose another couple of hundred dollars off its value in the coming days.<\/p>\n
Related Reading: Bitcoin On Exchanges Drop By 44%, Could This Fuel More BTC Rally?<\/a><\/div>\n
However, the bullish trend is expected to continue shortly as trading volume remains high, and investor sentiment reaching 9-month highs, sitting very close to greed on the Crypto Fear & Greed Index.<\/p>\n
BTC is trading at $20,779 at the time of this writing. Its price is down 2.18% in the last 24 hours, but up 14.54% in a 7-day period.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from CryptoSlate, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The last two weeks have been incredible for the price of bitcoin. The digital asset has been able to successfully make its way out of a depressing bear trend and reached two-month highs in the process. However, with the recent pullback, there may be a bit more pain for bitcoin investors before the upward rally continues. Analyst Justin Bennett Says Bitcoin Below $20,000 Is Possible In a new issue of his crypto trading newsletter, analyst Justin Bennett reveals some bearish tendencies of the market. He first points to the fact that the market has enjoyed a good amount of gains, adding as much as 28% to its value in just the last 18 days. But as is expected after such a rally, a market correction has pulled back the price of the digital asset. Related Reading: Bitcoin Price: Investors Predict 12% Decline For BTC In Next Two Weeks While there have been speculations that this pullback would only be temporary, Bennett explains that it could go a lot further. Now, the analyst does not take away from the bull trend that bitcoin is currently on but rather presents a scenario where the price of the cryptocurrency could back to below $20,000 before the rally resumes. BTC could see sub-$20,000 before rally resumes | Source: Cryptocademy BTC has already fallen back into the $20,000 region as of the time of this writing, giving credence to Bennett\u2019s analysis. However, with key support for the digital asset now resting at $20,000, bears could pull the price as close to this support as possible before the bears take over once more. \u201cI like Bitcoin higher toward $25,000 and potentially $29,000, but not without a pullback into the $20,000 region first,\u201d Bennett said in his newsletter. Factors That Drive This Pullback In the same newsletter, Bennett points to the PPI data release that underwhelmed the market. In the end, the much-anticipated release was lower than expected, triggering fatigue in the market. Bitcoin had fallen below $21,000 as a result of this. Also pointing to the US Dollar Index (DXY), the analyst explained the movement of this index on the back of the PPI data release would\u2019ve been bullish for assets such as BTC. \u201cBut I think markets got ahead of themselves, so a lot of that bullishness was already priced in,\u201d Bennett added. BTC corrects downward following rally | Source: BTCUSD on TradingView.com Since this pullback has pushed the price of BTC dangerously close to the 5-day moving average, it should come as no surprise if the cryptocurrency were to lose another couple of hundred dollars off its value in the coming days. Related Reading: Bitcoin On Exchanges Drop By 44%, Could This Fuel More BTC Rally? However, the bullish trend is expected to continue shortly as trading volume remains high, and investor sentiment reaching 9-month highs, sitting very close to greed on the Crypto Fear & Greed Index. BTC is trading at $20,779 at the time of this writing. Its price is down 2.18% in the last 24 hours, but up 14.54% in a 7-day period. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from CryptoSlate, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":516714,"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":[428,11434,679,1119,1144,78790],"class_list":["post-516709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says<\/title>\n<meta name=\"description\" content=\"The last two weeks have been incredible for the price of bitcoin. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says","url":"http:\/\/wncen.com\/news\/bitcoin-might-fall-below-20000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-might-fall-below-20000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/bitcoin-bear.jpeg?fit=1024%2C538"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analyst","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-01-19T17:00:09Z","datePublished":"2023-01-19T17:00:09Z","dateModified":"2024-06-11T08:08:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-might-fall-below-20000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-might-fall-below-20000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-bear.jpeg?fit=1024%2C538\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analyst\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-01-19T17:00:09Z\",\"datePublished\":\"2023-01-19T17:00:09Z\",\"dateModified\":\"2024-06-11T08:08:30Z\"}<\/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\/01\/bitcoin-bear.jpeg?fit=1024%2C538","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516709"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=516709"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/516714"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}