THIS Price is coming NEXT! – CryptoNewsTo

THIS Price is coming NEXT!

In a previous Bitcoin price prediction article, we showed 3 potential price targets for Bitcoin over the short term. We analyzed how Bitcoin faced a resistance area, coupled with bad fundamental news surfacing in the market. After a week, 2 out of the 3 targets were hit, with the 3rd being on the way. What happened to Bitcoin and why is Bitcoin crashing? Let’s analyze further.

Bitcoin Price faced a Resistance

After an extensive uptrend from a low of around $17,000, Bitcoin prices reached a resistance of $24,000. Prices could not break this area higher, which is why we assumed a retracement lower. Using the Fibonacci retracement, we delimited the following price targets:

  • Normal case: $22,222
  • Worst case: $21,196
  • Extreme case: 20,371

In fact, this is exactly what happened since our last prediction, with Bitcoin’s current price hovering around $21,640.

Fig.1 BTC/USD 4-hours chart showing Bitcoin targets – GoCharting

Why is Bitcoin down today?

Well, there are many factors that contribute to the crash in the current crypto market:

  1. From a technical perspective, prices were bound to retrace after an extensive uptrend from the low of $17,000
  2. From a fundamental perspective, there is a lot going on in the market. However, the biggest being the SEC striking again as Paxos was ordered to cease minting Binance stablecoin. This comes after Binance halted withdrawals.
  3. The judge that is on the FTX case extended SBF’s bail restrictions, adding question marks to the resolution of the collapse’s timeline.
exchange comparison

Bitcoin Price Prediction: Will Bitcoin reach $20,000?

If things continue to go south, we expect Bitcoin to reach the third target which we set in a previous article. If Bitcoin breaks the price of $21,200 lower, we should see Bitcoin between $20,000 and $20,385. Until there’s a resolution in sight, things might drag and the crypto market cap will continue to hover around an aggregate valuation of $1 trillion.

It is advised to wait before opening any long crypto position, as the market should continue to go lower in the coming days.

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