Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.
Analysis: Bitcoin may see new ‘generational buying opportunity’
Data from Cointelegraph Markets Pro and TradingView showed an eerie calm covering BTC/USD over the weekend, with the market down 11% in seven days.
Rattled market observers remained highly cautious, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.
“I think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don’t think we go there in a straight line,” he said in an X post on Aug. 19, adding:
“I’m looking for a retest of $25k support to potentially print a double bottom and provide a good foundation for another exit rally. If that setup presents itself, $28k – 29k range is realistic.”
Alan continued, saying that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would “add salt to the wound of this week’s losses.”
“If/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,” he said, adding:
“First would be $24,749 ( @coinbase ) and the next is $19,567 which is not so c
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Author: William Suberg
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