There have been many assumptions made in the past about the price movement of the flagship cryptocurrency and how it will affect the momentum of the crypto market in general. But no one came as close to depicting a probability that turned into a reality as the technical analysts Kevin Wadsworth and Patrick Karim as they predicted the ascend of the flagship cryptocurrency above $20K when the hopes of that happening was nothing but bleak.
Next Price Target for Bitcoin
Investors are like birds that scare easily; if you are not too cautious with them, you need to let them on for a while, and they have to decide themselves about investing in a dedicated entity for the trade to be successful and not forced into doing so.
The same is true for crypto investors; these are keen individuals that are after any ounce of opportunity wherever they can find it within the crypto market. They are always looking for ways to double or even triple their fortune, and they will not shy off when it comes to placing their investment if the reading is right.
The analysts who confirmed that Bitcoin would return to $20K in a two weeks period are saying that the crypto might tank all the way to $10K or even lower depending on the next few weeks of the asset’s price momentum. The bearish market is far from over, and corrections are kicking in every few days now; this is as bad as the market has been in a long time.
These analysts are saying that when they look at the Bitcoin chart, they can see an inverted arc forming in the form of a cup that is inverted; this shows that the crypto has already reached its resistance phase and will not be able to push through it, depicting a sudden fall in price and value which will stomp the asset as low as $10K or even lower.
The mood of the investors is not looking bright, and they are worried about putting any more money into Bitcoin for the time being.