Bitcoin Correction To $20k In The Cards? New Prediction Is Here

There are all kinds of price prediciotns about the most important digital asset, and it seems that more experts are addressing a potential $20k drop. Check out the latest reports about BTC’s price here.

There’s a warning from a crypto analyst that Bitcoin (BTC) may soon take off without providing traders with any more opportunities to enter at good prices.

Credible Crypto, who has over 346,000 followers on social media platform X, says that Bitcoin’s recent price movements may seem familiar to those of 2019, leading some traders to expect a significant correction after BTC’s strength.

Nevertheless, the analyst points out that Bitcoin’s current market structure is different from its 2019 price action. In 2019, BTC’s rallies happened more suddenly and parabolically, while its current rallies happen slower after building a proper base.

“The move from $3,000-$14,000 (bottom) was a parabolic advance and these are often followed by major crashes/corrections once the parabola breaks (a common % decline that is expected is 80+%), hence the very deep retracement.

Our current move is not parabolic at all which is just another reason I believe that those looking for a move to $20,000 or below will be left behind.

The parabolic part of this current move-up is yet to come. BTC.”

According to Credible, if Bitcoin is experiencing a significant upward trend, its price should not fall below $26,370, which is where the initial low timeframe impulse began.

Currently, things are looking good as the local impulse is holding up. It’s worth noting that we’re currently trading above our mid-range, which has played a significant role in price interactions over the past month.

If this low timeframe impulse marks the beginning of a much larger impulse, the price should not dip below its origin as shown in the chart below. Holding above the mid-range means our next target is the range highs.

However, if we lose the mid-range, it’s a sign of weakness, and clear invalidation occurs below the origin of the low timeframe impulse.