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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Approaches 2018 Like Drawdown, Why $20,000 Is A Crucial Level

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin

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Bitcoin has been moving sideways around its current levels with no clear direction on lower timeframes. The cryptocurrency has experienced its worst-selling pressure in years but has held firmly around its 2017 all-time high.

Related Reading | Crypto Trading Volumes In India Sink Due To Heavy Taxation, What’s Ahead?

At the time of writing, Bitcoin trades at $20,140 with a 4% profit in the last 24 hours. The general sentiment in the market has been turning more positive, as NewsBTC reported yesterday, as the Crypto Fear and Greed Index climbs back from Extreme Fear levels.

Bitcoin BTC BTCUSD
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

According to Senior Commodity Strategist Mike McGlone, Bitcoin and the crypto market are near their 2018 drawdown levels. At that time, the nascent asset class experienced a similar bearish trend which pushed BTC’s price to a 75% loss from its ATH.

At that time, the $3,000 price point became a major bottom which saw a period of accumulation extending for multiple years. In 2020, when global markets were in turmoil due to the COVID-19 pandemic, BTC marked the bottom once more when near $3,000.

After that, the cryptocurrency began a new ascend into price discovery. This time macro-economic conditions are different, and Bitcoin could retest its yearly low of around $17,000, but McGlone suggests it has reached a point where long-term holders could profit in the second half of 2022:

(…) the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, we see risk vs. reward tilting toward responsive investors in 2H.

Since its inception, BTC’s price has historically found a bottom around previous all-time highs. McGlone claims there are conditions for $20,000 to operate as this pivot support level in 2022 on the back of a decline in “risk measures” against the traditional market.

Bitcoin at $20,000 may be looked back upon like $2 in 2011, $200 in 2015 and $3,000 in 2018. Bitcoin and Ether risk measures are falling vs. equities and the potential for US regulation (Lummis-Gillibrand crypto plan) shows mainstream maturation.

Bitcoin Short Term Outlook Show Improvement?

On lower timeframes, Bitcoin has been able to stay above $20,000 despite the decline in traditional markets and the strength of the U.S. dollar. The U.S. currency is approaching a 20-year-old high as investors continue to de-risk amid current macroeconomic conditions.

Data from Material Indicators (MI) records around $20 million in bid orders for BTC’s price from $20,000 to $19,000. These levels should operate as support in case of further downside as BTC whales continue to accumulate.

Bitcoin BTC BTCUSD
BTC’s price with around $20 million in bid orders (yellow and red below the price). Source: Material Indicators

Related Reading | TA: Bitcoin Faces Another Rejection, Can Bulls Save The Day

Larger BTC investors have been buying into the cryptocurrency’s price action over the past week. Addresses with 100 to 100,000 BTC added 30,000 BTC over this period.

In the past week, addresses with 100 to 10,000 $BTC added roughly 30,000 #BTC to their holdings while 40,000 #Bitcoin were withdrawn from known #cryptocurrency exchange wallets. pic.twitter.com/vRC7cJYvbZ

— Ali (@ali_charts) July 4, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. 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’s ‘Neuromancer.’ 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’s ‘Civil Disobedience.’
But that’s 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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