Bitcoin scenario crashing to $20.000 - $23.000

[Sanitough]

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

Bitcoin will always expect to dump more as long as bearish season is here. So crashing between $20k-$23k is not surprising as it could even fall below than that if possible.  Bitcoin once fall into $3k and yet it recovers, so there is nothing new like this. Whatever the specific reason according to OP, but as long as the market remains having a crypto winter, there will always be price drops not only for bitcoin, but the whole market is in blood.

[ShowOff]

Bitcoin will always expect to dump more as long as bearish season is here. So crashing between $20k-$23k is not surprising as it could even fall below than that if possible.  Bitcoin once fall into $3k and yet it recovers, so there is nothing new like this. Whatever the specific reason according to OP, but as long as the market remains having a crypto winter, there will always be price drops not only for bitcoin, but the whole market is in blood.

No one can really say how far the price of bitcoin will fall during this bear market. Of course there are those who hope there will be a bigger decline and there are those who hope that it will recover soon. Really this is something that is difficult to predict, but when we talk about the possibilities then there is a feeling of optimism about the recovery that will happen until the new ATH hit.

As for the downside, I'm pretty sure it might happen again in the near future because it's hard to erase the panic in the market. But for most of the time we should really know that the price will move in both directions and the storm will soon be replaced with light.

[jostorres]

Of course, this will be a big fluctuation where the market is still volatile. During this slight recovery, it will decline slightly because I believe the bear market has not yet ended.
This is already a year low in which this scenario will still crash below $20k but I still hope this doesn't prolong a bit of recovery in the days ahead enough to calm us down despite the fear of another big crash.

Why do you assume that bear market is not ended yet? I mean I am not saying that it has ended or anything but I have no idea if the bear has ended or not, I do not know if it will be 10k in a month, or 40k, I would have zero clue about that. I am guessing a bull run after such a fall, that seems a lot more logical to me, but that is just my understanding, I could be wrong.

What made you think that it will continue to go down? Is there a specific reasoning for that? In any other case, we should be focusing a bit more towards buying something right now, because long term is usually higher and that should be right about now and not later on.

[Ultegra134]

Of course, this will be a big fluctuation where the market is still volatile. During this slight recovery, it will decline slightly because I believe the bear market has not yet ended.
This is already a year low in which this scenario will still crash below $20k but I still hope this doesn't prolong a bit of recovery in the days ahead enough to calm us down despite the fear of another big crash.

Why do you assume that bear market is not ended yet? I mean I am not saying that it has ended or anything but I have no idea if the bear has ended or not, I do not know if it will be 10k in a month, or 40k, I would have zero clue about that. I am guessing a bull run after such a fall, that seems a lot more logical to me, but that is just my understanding, I could be wrong.

What made you think that it will continue to go down? Is there a specific reasoning for that? In any other case, we should be focusing a bit more towards buying something right now, because long term is usually higher and that should be right about now and not later on.

We're just sitting above $20.000, as I've already mentioned, I wouldn't be surprised if we go below that in the following days, it seems to be holding for now, but I'm not sure for how long it'll resist. Although, I'm not expecting a bull market anytime soon, at least not till the condition in the world improves. The ongoing war, the rising inflation and the whole tension isn't helping the markets, it was expected that cryptocurrencies would also be affected by it.

[bots1]

Currently Bitcoin is trying to maintain its important support in the $19K-$20K area. Of course this area becomes very important for bitcoin to maintain because if the area is broken down then the next closest support is in the $15K-$16K area. I think this is the worst case scenario in this bear phase. Therefore, it is hoped that this scenario will not happen.

[Falconer]

Currently Bitcoin is trying to maintain its important support in the $19K-$20K area. Of course this area becomes very important for bitcoin to maintain because if the area is broken down then the next closest support is in the $15K-$16K area. I think this is the worst case scenario in this bear phase. Therefore, it is hoped that this scenario will not happen.

I don't fully understand what scenario you are talking about because so far the massive bitcoin price correction has really worried some people. Especially in the last 24 hours, I'm sure people will be very surprised that bitcoin is still bottoming out even now that recovery attempts have been made.

I'm still convinced that the bitcoin price correction so far isn't the worst, but it certainly makes me feel that many traders still have a weak hand. They sell frantically, it makes things worse. Hopefully something good will come soon and the price of bitcoin can recover again, this is a hope that is sure to get a lot of support.

[Wong Gendheng]

We have left the scenario even yesterday became the lowest price record because it became $ 17k, maybe the current scenario is around $ 18k to $ 20k, if we can reach $ 21K then I am optimistic that the market will immediately rise again, and conversely, if the market drop again below $ 18k might continue to drop up to $ 15K.

[Desscount]

We have left the scenario even yesterday became the lowest price record because it became $ 17k, maybe the current scenario is around $ 18k to $ 20k, if we can reach $ 21K then I am optimistic that the market will immediately rise again, and conversely, if the market drop again below $ 18k might continue to drop up to $ 15K.

the strongest support is still at $18000 and I'm also still monitoring the price of Bitcoin until now,
there's nothing to be afraid of at this time, I'm sure Bitcoin will sideways at the level of $19000 to $20000,
so we are also getting ready to buy or sell, because it's true what they say, if we lose $18k then we will go to $15k

[doomloop]

We have left the scenario even yesterday became the lowest price record because it became $ 17k, maybe the current scenario is around $ 18k to $ 20k, if we can reach $ 21K then I am optimistic that the market will immediately rise again, and conversely, if the market drop again below $ 18k might continue to drop up to $ 15K.

the strongest support is still at $18000 and I'm also still monitoring the price of Bitcoin until now,
there's nothing to be afraid of at this time, I'm sure Bitcoin will sideways at the level of $19000 to $20000,
so we are also getting ready to buy or sell, because it's true what they say, if we lose $18k then we will go to $15k

This is right, we haven't been there multiple times so far, so we can't know how much that wall could stand, but we know for a fact that it is one of the biggest walls we have seen during this fall, probably the biggest one so far. I know that it doesn't mean it can't get any lower, of course it can get lower, if we sell a lot then it will be under 18k and why shouldn't it be.

But, it just means it is going to be a lot harder at least, it is going to take a lot more bitcoins sold to get anything under there. Which is why I am feeling quite comfortable for the time being, I believe that it is going to take a while before we could see it go any lower.

[Bitcoin2009]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

[stadus]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

I don't expect a $40k soon, we are in a bear market so the price will likely go down. Actually, we can consider the current price as the bottom already as it's very cheap versus its ATH, but it's up to you. It's okay to remain optimistic but we have to understand the current situation and we can only do that if we are realistic.

[Ultegra134]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

I don't expect a $40k soon, we are in a bear market so the price will likely go down. Actually, we can consider the current price as the bottom already as it's very cheap versus its ATH, but it's up to you. It's okay to remain optimistic but we have to understand the current situation and we can only do that if we are realistic.

It's currently sitting $21.700, seeing an increase of over 7.12%, which is interesting and I'm curious if something specific triggered this small price rally. Nevertheless, it's quite doubtful that it'll continue, chances are, due to the economic recession that we're bound to go through, Bitcoin will be no exception to the rule.

[minime0105]

Currently Bitcoin is trying to maintain its important support in the $19K-$20K area. Of course this area becomes very important for bitcoin to maintain because if the area is broken down then the next closest support is in the $15K-$16K area. I think this is the worst case scenario in this bear phase. Therefore, it is hoped that this scenario will not happen.

right now Bitcoin is having small increment for it volume. It's for last week when the was unbearable and Which some people prediction go exactly to $17000 and why some people said that bottom line will be directly to $12000 which we expected and Bitcoin the price has not gotten to that, and instead Bitcoin maintain such values of $19000 and $20,000 which now right now is at $21000 and approaching to $22000

[Jating]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

Don't get ahead of your self mate, $40k is unlikely, we are still in the bear market, and this recent spike could not be sustain then we will go back below $20k again. We even reaches as high as almost $22k if I'm not mistaken last week and yet it did go down again. And which means that speculators are playing the market, and whenever they see a good chance to sell and make a profit they will do it. So I'm expecting the same here, if we ever reaches $22k this week, I'm expecting another sell-off. So this might be another trap being set to us by manipulators so just be careful and just expect the worst this year.

[minime0105]

The reaction of people in cryptocurrency downfall recently is what is making some people to predict wrongly about cryptocurrency everybody knows that what is happening now in cryptocurrency has happened before and he is not going to be the last all the first cryptocurrency experiencing negative reaction in the market so from my own point of view I understand that cryptocurrency is a currency that without it down for it will not to make a popularity

[justdimin]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

Don't get ahead of your self mate, $40k is unlikely, we are still in the bear market, and this recent spike could not be sustain then we will go back below $20k again. We even reaches as high as almost $22k if I'm not mistaken last week and yet it did go down again. And which means that speculators are playing the market, and whenever they see a good chance to sell and make a profit they will do it. So I'm expecting the same here, if we ever reaches $22k this week, I'm expecting another sell-off. So this might be another trap being set to us by manipulators so just be careful and just expect the worst this year.

I would say that 40k is not a big big leap from here. People think that getting 2x is a big deal, but in crypto it’s not. I agree that it will not happen in July, but if it were to happen, 15 days is more than enough to double bitcoins price. You'll see, when the price goes 2x, it will happen very fairly quickly, not now but it will happen fairly quickly.

Hence, I do not see it as a big trouble, I see this as an inevitable thing that we are waiting for. For all these, I am not selling my coins, I am just holding them and I think it will go up very much. So much so that, if I hold it for another 3 cycles like this, I will be able to retire as a rich person.

[fzkto]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

Don't get ahead of your self mate, $40k is unlikely, we are still in the bear market, and this recent spike could not be sustain then we will go back below $20k again. We even reaches as high as almost $22k if I'm not mistaken last week and yet it did go down again. And which means that speculators are playing the market, and whenever they see a good chance to sell and make a profit they will do it. So I'm expecting the same here, if we ever reaches $22k this week, I'm expecting another sell-off. So this might be another trap being set to us by manipulators so just be careful and just expect the worst this year.

I would say that 40k is not a big big leap from here. People think that getting 2x is a big deal, but in crypto it’s not. I agree that it will not happen in July, but if it were to happen, 15 days is more than enough to double bitcoins price. You'll see, when the price goes 2x, it will happen very fairly quickly, not now but it will happen fairly quickly.

Hence, I do not see it as a big trouble, I see this as an inevitable thing that we are waiting for. For all these, I am not selling my coins, I am just holding them and I think it will go up very much. So much so that, if I hold it for another 3 cycles like this, I will be able to retire as a rich person.

Except that no one gives any guarantee that these cycles will be repeated further, since they have been repeated 3 times. This does not mean that such repetitions will last on a regular basis. In any case, I would not rely on bitcoin as a carefree retirement. It seems to me that at any moment the same story could happen to cryptocurrencies as it once happened to dot.coms. Surprisingly by the way, back then Michael Saylor went bankrupt.

[Jating]

Today the price is up about 2% but still around $19k, hopefully it will return to $23k tomorrow or the day after tomorrow, and the next target is July can return to $40k, nothing is impossible because rising tens of percent has happened and often happens in a day.

Don't get ahead of your self mate, $40k is unlikely, we are still in the bear market, and this recent spike could not be sustain then we will go back below $20k again. We even reaches as high as almost $22k if I'm not mistaken last week and yet it did go down again. And which means that speculators are playing the market, and whenever they see a good chance to sell and make a profit they will do it. So I'm expecting the same here, if we ever reaches $22k this week, I'm expecting another sell-off. So this might be another trap being set to us by manipulators so just be careful and just expect the worst this year.

I would say that 40k is not a big big leap from here. People think that getting 2x is a big deal, but in crypto it’s not. I agree that it will not happen in July, but if it were to happen, 15 days is more than enough to double bitcoins price. You'll see, when the price goes 2x, it will happen very fairly quickly, not now but it will happen fairly quickly.

Hence, I do not see it as a big trouble, I see this as an inevitable thing that we are waiting for. For all these, I am not selling my coins, I am just holding them and I think it will go up very much. So much so that, if I hold it for another 3 cycles like this, I will be able to retire as a rich person.

I do agree, yes we can do x2 or even more, but what I'm saying is that the prevalent market conditions, we are in a bear market and as what the article link by the OP, this is mostly the case right now, We will remain in that price range, $20k-$23k, because of what is going on and recovery will really take some time.

so I doubt that even a $30k push is possible in the next couple of months or even at the end of the year. We have to accept that scenario that we are really in a bear market and that we have to endure it again.

[arufox]

It is possible that the bitcoin price scenario will drop to the $20k-$23k area which is likely to occur in the next few weeks, especially until now bitcoin has not been able to lift its price back, where currently the bitcoin price is traded in the $28k-29k area.

And what is your fundamental explanation why Bitcoin drops down to that level in a few weeks? Coz what I'm seeing is the continued buying and selling that causes Bitcoin price to stay within the 28k-$30k region. Though there is always a possibility as nobody can predict accurately, but looking at the price actions and market sentiments currently, I don't think it would fall below that level as soon as the coming weeks.
 

The reasons for the decline in Bitcoin prices are varied, but one of the factors that caused the price of bitcoin to drop to as low as $20k-$23k was due to the strengthening dollar and the deepening pressure on the crypto market amid the monetary tightening of the central bank. Bitcoin is currently under intense selling pressure where the bitcoin price is currently at the psychological $23k mark.

[Sang Prabu]

The right prediction is because we are in the price range of $ 20k- $ 23k, but as an investor who wants to be successful, this is a good opportunity to buy, don't buy when the price of rising, but when red like now is a good opportunity to buy at a price inexpensive.