Bitcoin scenario crashing to $20.000 - $23.000

[Ultegra134]

Hello there,
I'm not the kind of guy who bothers about its price and any predictions that pop-up, because I haven't let the downtrend affect me. I'm planning to accumulate as much Bitcoin as I can and hold it for a long period. However, an article was trending on my news feed and decided to check it out. According to the article, Bitcoin was supposedly capable of avoiding inflation, although, it seems to have been severely affected by it. The change in risk appetite, the tightening of monetary policies and the withdrawal of liquidity from the markets and, finally, the rapid rise in inflation show that the cryptocurrency market has been severely impacted.



George Savakis, with the help of the analyst Dimitris Tsantoy, a member of Elliot Wave trader community, are predicting a correction down to $20.000 - $23.000, while claiming that as long as Bitcoin is below $35.000, it's extremely unlikely to see a market recovery.

Source: https://www.euro2day.gr/investments/crypto/article/2136805/h-tehnikh-analysh-deihnei-nea-ptosh-toy-bitcoin-to.html


Translated to English:
https://www-euro2day-gr.translate.goog/investments/crypto/article/2136805/h-tehnikh-analysh-deihnei-nea-ptosh-toy-bitcoin-to.html?_x_tr_sl=en&_x_tr_tl=el&_x_tr_hl=el&_x_tr_pto=wapp

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[Jating]

I guess it just validated what we have been discussing since we enter the bear market, we haven't seen the final capitulation and the price could really go down that deep, reaching as low as the previous all time high of $19k in 2017.

So I'm not surprised with this prediction, it's just a matter of when we are going to hit it. And as a investors what will our reactions, for one we should take advantage of the discounted price and fill our bags.

[ethereumhunter]

If that scenario happens, I hope people are not panicking because if they panic, they will sell all of their bitcoin before the price goes down. I really hope that the price can hold at the current price and have the power to bounce up to the high price. But we should be prepared just in case the price is really down. If that price goes down to that level, we will be back to the previous years and I guess we will have more supports that can lift the price to break the next highest price. So be patient and be careful.

[Wilhelm]

My gut says there will be a flash down to $20k to mop up all the shorts and then a steep rise to leave all the weak hands behind. But then again this is Bitcoin.

[jrrsparkles]

$20K that is what I predicted as well, but bitcoin touches that price surely people will again talk more nagative about it and media, articles , etc then the history will repeat so who is smart and rich enough will make most out of it while safe hands will struggle to get the maximum reap as always, never fall twice just accumulate when its cheap because we never gonna see these range after couple of years later.

[Lucius]

The scenario you're describing is actually something that's been speculated about since the price went downhill and went below $30k - many speculate that the bottom will be just around $20k. I'm not an expert on TA, but this whole situation with inflation, recession, and war is reflected in everything, and Bitcoin (as many wanted) has become part of the system, and whether someone likes it or not shares much of its fate.

However, let us remember that after each halving and ATH, there was a drastic correction, and that the price, without everything I have already mentioned, would probably have undergone a correction. Looking back, the current price is more than phenomenal compared to halving 2016 ($400), or halving 2020 (about $7000) so in the long run, no one can be dissatisfied even if there is an even greater loss of value.

[LFC_Bitcoin]

It’s just a standard bear market that we’ve seen numerous times in bitcoin’s relatively short lifetime thus far. We are still in 4 year cycles. $69,4xx was the top & we’re trending towards a bottom now (which we have yet to reach).

$20,000 to $23,000 seems like a reasonable cycle bottom target. We’ll likely see it in the next 9 months before slowly, painfully grinding upwards as we see the next halving in the distance.

Don’t panic, continue to stack & we will moon in 2025.

[OgNasty]

I don't think we'll see a bounce off the previous high.  The previous high was a bubble and not a serious support level.  If we fall below the recent low around $25K, there is not a doubt in my mind that we slide all the way down to the real resistance level, which from looking at the chart appears to be closer to $10K.  My concern at that point would be that Bitcoin has never fallen below the previous 4-year cycle high since it became known beyond cypherpunks.  So there are probably many who would view a drop below $20K as the end of Bitcoin, which would likely be the catalyst to such a large drop from there. 

So do I see Bitcoin hitting $20,000?  Sure, on it's way to $10K.  I do hope we bounce off $26K and go straight to $200,000 though.  If I made the rules, that's what we'd do. 

[Husires]

Does the price follow logical analysis? The price went crazy at the end of 2020 and the beginning of 2021. Even with all the negative news that was happening, the continuation of some institutions to buy bitcoin made the price go up sharply, so things like accepting bitcoin will make the price soar.

I do not expect that we will witness a change in the barrier of ~20k,30k.40k at the present time unless something exceptional happens, so the levels of changing from 23k to 20k do not represent a serious change.

The serious change will be if it falls below the level of 19k, which is the psychological barrier that was not broken in the previous cycles.


and we touch less than 23k  ($22.9k on KuCoin BTC/USDC.)

Image source @ImThour

[Ultegra134]

From what you've all mentioned, $20.000 sounds like a pretty feasible scenario. Honestly, it has been stuck around $30.000 for quite a few weeks. I also believe that eventually, it will suddenly crash down to $20.000 - $23.000, before slowly recovering and regaining ground. Such scenario will definitely cause panic to investors, similarly to 2017's crash.

Hopefully, it'll eventually recover, providing that we're patient enough to wait it out.

[Falconer]

My gut says there will be a flash down to $20k to mop up all the shorts and then a steep rise to leave all the weak hands behind. But then again this is Bitcoin.

The market is constantly moving and we never really know what will happen next although right now there are some people who think that $20K is coming. The price drop is inevitable due to growing panic among traders over the fud effect, but I don't think $20K will happen this year if people ignore fud and avoid panic.

I don't see an obvious scenario to see it go to $20K, but the whales may be able to take a step back to make up for it as a result of the massive sale. Today we have finished 7 months of the previous ATH, the price is down more than 57% and probably won't stop as the correction continues. But when a weak hand starts to lose its grip on bitcoin, then I believe we are headed for another great climb ahead.

[btc_angela]

It’s just a standard bear market that we’ve seen numerous times in bitcoin’s relatively short lifetime thus far. We are still in 4 year cycles. $69,4xx was the top & we’re trending towards a bottom now (which we have yet to reach).

$20,000 to $23,000 seems like a reasonable cycle bottom target. We’ll likely see it in the next 9 months before slowly, painfully grinding upwards as we see the next halving in the distance.

Don’t panic, continue to stack & we will moon in 2025.

Right, as I have said previously, eventually the price is bitcoin will go down and we can't stop the bear market from happening as we are still in the 4 year cycle although there are school of thoughts that are challenging this concept, but it was proven just to be a theory because we didn't break it this year.

As for the price, yeah, it might be scary at first to see the price at $20k-$23k, but this is again, part of the play, go to bottom in that price range and then wait for the eventual bull run next in 2025.

[noormcs5]

If that scenario happens, I hope people are not panicking because if they panic, they will sell all of their bitcoin before the price goes down. I really hope that the price can hold at the current price and have the power to bounce up to the high price. But we should be prepared just in case the price is really down. If that price goes down to that level, we will be back to the previous years and I guess we will have more supports that can lift the price to break the next highest price. So be patient and be careful.

How can you say that people will not panic if they see the bitcoin price crashing to 20,000$ and below? It will be an extreme panic situation and people will sell their holdings. Only the old investors will stay strong during this time as they have been in this situation before. It would be almost impossible for the new investors to stay strong in these bearish times.

[Yaunfitda]

If that scenario happens, I hope people are not panicking because if they panic, they will sell all of their bitcoin before the price goes down. I really hope that the price can hold at the current price and have the power to bounce up to the high price. But we should be prepared just in case the price is really down. If that price goes down to that level, we will be back to the previous years and I guess we will have more supports that can lift the price to break the next highest price. So be patient and be careful.

How can you say that people will not panic if they see the bitcoin price crashing to 20,000$ and below? It will be an extreme panic situation and people will sell their holdings. Only the old investors will stay strong during this time as they have been in this situation before. It would be almost impossible for the new investors to stay strong in these bearish times.

Maybe the panic will be more on those newbies or who bought at the top, but for those who have seen the market crash before, then you have to think a better way to make that negative situation into positive. What I'm saying is this could be the perfect buying opportunity again. And then hope that in the next bull run, and as we have been projected, the next run could be in the 6 digits minimum. So think about the future, don't panic when the price falls hard, but instead, accumulate.

[STT]

A move down to prices in the 20's even the low 20k area wouldnt really be a crash at this point, its just a development of this prior action known.  Its nothing close to positive but neither is it unforeseeable hence I would not describe it as a crash especially.    BTC is under pressure currently, we know alot of speculative points far and diverse across the market are suffering downwards pressure,  I find BTC reaction still moderately positive comparatively.
  The most negative phase will be the test or threat of 2019 pricing which would be too far for some, only the 200 week average is still pushing upwards now so thats where I expect the market to check should we persist in a negative trend.

[adaseb]

It’s hard to say. Today and yesterday were pretty bad days for the stock market. Ethereum also had a bad day breaking the yearly low. Bitcoin however seems to be doing pretty good relative to both.

Seems that there is some large bidder who is constantly buying Bitcoin. Look at the BTCUSDLONGS on Bitfinex. The whales are all buying.

It’s possible we might see those figures however a lot depends on how the fed plays into fighting inflation which is spiraling out of control.

[rodskee]

Hello there,



 while claiming that as long as Bitcoin is below $35.000, it's extremely unlikely to see a market recovery.

there are several threads already that has this discussion , that 35k is the barrier in our days now and make it harder for bitcoin to recover , but as we see it clearly for weeks now we are staying at 28-31k and nothing is dumping and climbing , this stable value makes me thing that we already Hit the bottom and only waiting for the final blow to break that 35k again and climb up to 50k at least before December ends?

[NotATether]

Regardless of what happens, the supply generation of Bitcoin is still inflation-resistant by generating ever-smaller mining rewards every 4 years. Sometimes that's the period it takes to break out of the price rut its in - after the next 210,000 blocks are mined since 2020 halving.

My gut says there will be a flash down to $20k to mop up all the shorts and then a steep rise to leave all the weak hands behind. But then again this is Bitcoin.

Oh, like last year. That should teach some people a lesson of not going long-term short on BTC.

[Despairo]

Even Bitcoin is still raging around $30K, but the sentiments are keep extremely fear for a month. [1] If Bitcoin will dropped to $20K-$23K it will create a short term panic just like the previous bottom how Bitcoin was hit $3K due to panic. At the same time, those people who bought it are the most lucky and smart person since Bitcoin never hit $3K again. There's no altcoins or new currency can compete Bitcoin until now, there's no way Bitcoin will dead and obviously it will recovered and stay again on $50K.

[1] https://alternative.me/crypto/fear-and-greed-index/

[btc78]

This is what I've been waiting for , there are several altcoins that i Sold recently and reserve for this to come , cannot be dumped even below 20k? like 15k at least? so i can make my funds x3-x5? lol this is something only Holders understand and waited.

And also if this going to happen ? I'm sure we will all succeed because most of us had already taken their funds out and now waiting for the dump to come.

If the price will fall this hard , then maybe I will consider buying some good alts as well.