Bitcoin has been trading above $20,000 for almost two years now, and some people think it will never go back down. But one analyst thinks it’s only a matter of time.
A Possible Crash
A crypto analyst known as “Without Worries” has been studying Bitcoin’s price movements and thinks it could drop back down to $20,000. They’re looking at the 3-week chart and seeing some interesting patterns.
One key indicator is the Stochastic RSI, which measures the momentum of price changes. It recently went above 80, then dropped back down to 50. This suggests that resistance is building, and the analyst thinks this could be a sign of an upcoming downtrend.
History Repeats Itself?
In the past, Bitcoin has experienced similar resistance levels in 2018, 2019, and 2021. Each time, the price dropped by about 70% after the resistance appeared. If this pattern repeats, Bitcoin could fall back to $20,000 from its current all-time high.
However, the analyst thinks this crash is still months away.
No Bull Run Until 2025?
The analyst also doesn’t think Bitcoin will continue its bull run into 2025. They believe that the market is still too fearful, and the top won’t happen until everyone is feeling euphoric.
They believe that once the resistance is confirmed, there won’t be any good opportunities to buy Bitcoin until at least 2027.
