One More Crash Required Before Bitcoin Hits $20K: Analyst

2020 10 20 12.41.49 980x487

Bitcoin remains at risk of crashing below $10,000 even as its long-term fundamentals look incredibly bullish. The benchmark cryptocurrency could fall into the $8,000-8,500 area, according to a trade setup presented by a TradingView-based analyst. It showed BTC/USD in a “breakout zone” above historically relevant trendline resistance, now approaching a sell-off area defined by the $12-000-14,000 range. Bitcoin faces high selling pressure near $14K. Source: BTCUSD on TradingView.com The $12,000-14,000 area comes with a historical significance as resistance. It, on more than eight occasions, has capped BTC/USD from extending its upside momentum. Bulls turn cautious around it, leading to a drop in new long positions. That, in turn, paves the way for bears to increase short entries. The upper green bar in the chart above shows higher bearish sentiment around the area. Bitcoin, therefore, could stretch its upside momentum up until $14,000. Nevertheless, its rally may follow a sharp correction…

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