Bitcoin analysts still predict a BTC price crash to $20K

Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see a BTC price return to $20,000.

While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its current price behavior.

Analyst: October “should be bearish” for Bitcoin later on

BTC price strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance.

For some, however, there remains every reason to be cautious.

In X analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still very much on the radar as a BTC price target.

The latest trip to $28,600, he argued, is now forming the right hand shoulder of a classic “head and shoulders” chart pattern — with downside logically due to follow if it completes.

“Second half of October should be bearish imo,” CryptoBullet wrote in part of a subsequent debate.

The idea built on a previous roadmap from August which gave a short-term upside target of $28,000 before reversing toward the $20,000 target.

Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js

— CryptoBullet (@CryptoBullet1) October 2, 2023

Elsewhere in the debate, CryptoBullet said that the bottom zone for BTC/USD lay between $19,000 and $21,000.

Not all responses heeded his warning, with fellow popular trader Elizy in particular skeptical of the likelihood of such a scenario playing out.

Warning over “distribution” danger

CryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.

Related: Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%

In one of its Quicktake blog posts on Sep. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, drew comparisons to Bitcoin’s performance between 2020 and 2022.

“Between 2020 and 2022, Bitcoin underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused prices to plummet, sending the cryptocurrency back to lower levels,” he wrote.

Wedson also suggested that should history repeat, sub-$20,000 levels could resurface. An accompanying chart offered a fractal, which could now be subject to a repeat.

“Now, in 2023, we are once again witnessing Bitcoin achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, the…