Bitcoin (BTC) Price Could Drop to $20k Soon, Showing Bearish Signal

Bitcoin (BTC) Price Could Drop to $20k Soon, Showing Bearish Signal
  • Bitcoin (BTC) price is expected to drop to $20k.
  • BTC shows an Ascending Channel chart pattern.

Bitcoin (BTC) price is expected to drop to $20k, however, BTC shows a bearish trending signal. According to CoinMarketcap, the BTC price is at $31,655.83 with a 24-hour trading volume of $19,666,506,654, at the time of writing.

BTC Price Could Drop to $20k Soon

Bitcoin is a decentralized digital currency originally explained in a 2008 whitepaper by a person, or a team of people, utilizing the alias Satoshi Nakamoto. Moreover, it was launched in January 2009. 

More so, Bitcoin is a peer-to-peer online digital which indicates that all transactions happen between equal, independent network participants, without the need for intermediary to facilitate them. Even more, BTC was created, as per Nakamoto’s own words, to enable online payments to be sent via from one party to another without going via a financial institution.

BTC/USDT Price Chart (Source: TradingView)

The above BTC chart shows the Ascending Channel pattern in the weekly time frame. An Ascending Channel is the price action that occurs between upper inclining equal trendlines. Moreover, higher highs and higher lows form this price pattern.

BTC/USDT Price Chart (Source: TradingView)

The chart indicates the bearish performance of BTC in the upcoming month. However, this trend will break out and reach support level at $19,600. On the contrary, if the trend reversed then BTC might surge to $41,680 presenting a bullish signal.

Furthermore, it is very clear that the price of BTC will drop nearly to $20k soon. Major Bitcoin investors are expecting that it will be bullish, despite the crypto-market collapse. However, they expect the price of BTC to reach $100,000 soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.