---
title: "Bitcoin on the way to ‘bearadise?’ $20K is back as a BTC price target"
url: https://diffcoin.com/bitcoin-on-the-way-to-bearadise-20k-is-back-as-a-btc-price-target/
description: "Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.BTC/USD 1-hour chart. Source:…"
published: 2023-08-20
updated: 2023-08-20
author: "Mila"
site: "Diffcoin"
---

# Bitcoin on the way to ‘bearadise?’ $20K is back as a BTC price target

Bitcoin (BTC) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.

*BTC/USD 1-hour chart. Source: TradingView*

## 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 [concluded](https://twitter.com/KAProductions/status/1692970230593577377) in X analysis on Aug. 19.

> “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.”

*BTC/USD 1-week chart with 100 SMA. Source: TradingView*

Alan continued 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 summarized.

> “First would be $24,749 (@coinbase) and the next is $19,567 which is not so coincidentally located just below a key R/S flip zone at the 2017 Bull Market Top. Losing that level, paves the way to bearadise and a potential generational buying opportunity.”

*BTC/USD annotated chart. Source: Keith Alan/X*

Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.

“Break below $25.3K probably target $24K – $23K for stronger buyback reaction else continuation towards $20K,” popular trader Skew [told](https://twitter.com/52kskew/status/1693188345164390754) X subscribers in part of a post on the day.

> “Deep sweep below $20K is the extreme end in which would look to be swing long there.”

Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should buy-side pressure step up.

*BTC/USD annotated chart. Source: Skew/X*

## BTC price melts through Whale volume

Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.

***Related: Why is the crypto market down today?***

Significant pockets of on-chain volume, it [noted](https://twitter.com/whale_map/status/1692963479102046454/photo/1), still lay at $23,200 and $21,000.

“In case we go even lower,” it commented on a print of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.

*BTC/USD annotated chart. Source: Whalemap/X*

Previous whale support at $28,250 and $26,950 nonetheless [failed to hold the market](https://twitter.com/whale_map/status/1692604523704102950) on the way down.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/bitcoin-bearadise-20k-back-as-a-btc-price-target)