• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin bear

Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says

Best Owie by Best Owie
2 weeks ago
in BTC
Reading Time: 3 mins read
Advertisement

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.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin below $20,000

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’s 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.

“I like Bitcoin higher toward $25,000 and potentially $29,000, but not without a pullback into the $20,000 region first,” Bennett said in his newsletter.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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’ve been bullish for assets such as BTC. “But I think markets got ahead of themselves, so a lot of that bullishness was already priced in,” Bennett added.

Bitcoin price chart from TradingView.com

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… Featured image from CryptoSlate, chart from TradingView.com
Tags: bitcoinbitcoin analystbitcoin pricebtcbtcusdBTCUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Best Owie

Best Owie

Related Posts

Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

11 hours ago
Bitcoin

Bitcoin Price Rally Post Fed Rate Hike Could Gather Momentum, Here’s Why

1 day ago
bitcoin bull stampede

Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede

2 days ago
Bitcoin and Ethereum

Bitcoin and Ethereum Whale Activities Plummet – Are Whales Getting Bored?

2 days ago
Bitcoin

Bitcoin Price At Risk of Downside Thrust Before Fresh Increase

2 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

3 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.