Trader Predicted A Slow Surge for Bitcoin

It has been predicted by a respected crypto analyst that Bitcoin (BTC) will not return to the $20,000 price region anytime soon, despite currently trading below the significant level of $30,000.

In a recent strategy session, trader Cheds shared with his 50,300 followers on YouTube that while Bitcoin has the potential to surprise, he does not anticipate the cryptocurrency to drop to $20,000. The expert believes that BTC has several support levels, with buyers potentially stepping in to prevent further losses at the $25,000 mark.

“You can’t really talk about $20,000. That’s out of the picture because that’s below the high timeframe level. You can talk about $25,000 because we’re in price action above that level. We’re in that zone. That’s the bottom of the zone technically.”

He continued and said this:

“So sure, you can talk about $25,000. I think that’s a possibility, a lower possibility (of around) 15% to 20%. But I think more likely (we get) a retest of $27,500, $28,000, $28,500 range and then continuation.

I think we do see most likely a slow grind up in price.”

A trader named Cheds has stated that there is a 70% chance that Bitcoin will reach the $28,000 price range again. He believes that this is the most probable scenario.

Cheds has also shared with his 311,500 followers on Twitter that he thinks Bitcoin is presently consolidating within an uptrend.

He mentioned that Bitcoin concluded its downtrend after surpassing the high timeframe resistance at $25,000. The 200-week moving average has been functioning as support for Bitcoin.

An expert in macro strategy at Bloomberg Intelligence, Mike McGlone, is optimistic about Bitcoin’s future, claiming that it will reach $100,000.

However, he cautions that the crypto may face significant obstacles before achieving this milestone.

During an interview with crypto influencer Scott Melker, McGlone asserted that while he maintains his long-term forecast, Bitcoin could experience a dip below $20,000 and even hit a new low before making a comeback.