Bitcoin Could Plummet To $20K If Critical Price Level Is Breached, Expert: 'We Are Wary Of Negative Catalysts'
Portfolio Pulse from Benzinga Neuro
Bitcoin's recent drop below its 200-day moving average indicates a potential short-term downside, with the $20,000 range once again on the horizon. Katie Stockton of Fairlead Strategies suggests the next key support level for Bitcoin lies around $25,200. If Bitcoin breaks below this level, it could potentially plunge down to $20,600, suggesting a 21% downside from current levels. Bitcoin's fall coincides with a swift decline from just under $30,000 to about $26,000 following news of SpaceX unloading its Bitcoin holdings.
August 24, 2023 | 12:02 pm
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Bitcoin could potentially plunge to $20,600, a 21% downside from current levels, if it breaks below the key support level of $25,200.
The article suggests that Bitcoin's recent drop below its 200-day moving average indicates a potential short-term downside. If Bitcoin breaks below the key support level of $25,200, it could potentially plunge down to $20,600, suggesting a 21% downside from current levels. This could have a negative impact on the price of Bitcoin in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100