Bitcoin analysis is preserving $20,000 BTC price targets for Q4.
BTC price has various reasons to return to $20,000, from a “head and shoulders” pattern to a FUD-induced cascade, Bitcoin analysis warns.While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its current price behavior.For some, however, there remains every reason to be cautious.
The latest trip to $28,600, he argued, is now forming the right-hand shoulder of a classic “head and shoulders” chart pattern — with the downside logically due to follow if it completes. “Between 2020 and 2022, Bitcoin underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused prices to plummet, sending the cryptocurrency back to lower levels,” he wrote.
“Now, in 2023, we are once again witnessing Bitcoin achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, the market has recently experienced significant volatility and a downward price trend. This similarity to the past raises questions about whether we are witnessing a repeat of the previous cycle,” he continued.
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