It became known what indicates the fall of the bitcoin cryptocurrency to $ 20,000

According to analysts, the flagship of the crypto market is currently in an unstable position. The price of bitcoin has been hovering just above the support level of $ 25,000 for several days in a row, and a further drop could lead to a sharp decline in the value of the Cryptocurrency.

On the other hand, the uptrend that has been in place since the beginning of 2023 does not appear to be broken. It is likely that holding this level will trigger a rebound that could lead BTC to break through the resistance level of $ 30,000. Key online metrics indicate that both scenarios are possible: the realized price chart BTC $74,996.84 Bitcoin 0.89% Market capitalization $1.48 trillion VOL. 24 hours $3.7 billion and low volatility suggest that a major move is coming to the cryptocurrency market.

According to experts, BTC can expect a drop to the next support at $ 23,500. And then — even lower, to $ 20,000. The fact that this possibility exists is evidenced by the chart of the realized price. If a scenario similar to March 2020 develops, the BTC price could fall below $ 20,000. If the analysis of previous cycles proves to be correct, this will be a great buying opportunity, analysts believe.

According to analysts at Cointelegraph, the value of the flagship cryptocurrency may drop significantly in the coming weeks. The fact is that BTC derivatives have begun to show bearish trends. «Currently, market participants are in limbo and do not understand what to expect. By August 18 of this year, the 19% rise in the BTC rate, which occurred after the application for an ETF from BlackRock, had completely stopped. Then the BTC price returned to $ 26,000,» analysts emphasized.

According to artificial intelligence, PricePredictions, BTC will be trading for $ 26,228 at the end of the month. The forecast represents a slight increase in the token’s value compared to the current price of $ 25,682. From the technical analysis point of view, bitcoin’s struggle to break out of the weekly support is of particular concern, a trend that TrendSpider analysts have identified that points to a future market downturn.