The cryptocurrency market was about to make a healthy recovery as Bitcoin managed to climb above $30,000. However, this joy quickly vanished as Bitcoin crashed again lower, reaching a risky area. The entire crypto market seems to have crashed hard, as the market lost on average more than 5% in the past 24 hours. Will Bitcoin reach $20,000 as some analysts predict? In this Bitcoin price prediction article, we analyze Bitcoin and assess whether prices are really in a free fall or will they manage to hold and reverse higher.
Bitcoin Crash: should you sell Bitcoin?
It is obvious that Bitcoin is still on its bearish trend. Prices did manage to consolidate for a while and recover. However, the selling pressure turned out to be greater, pushing prices lower. Prices crashed from a high of $31,500 to reach a current price of $28,200. We are still in a strong support zone for Bitcoin, however, other altcoins such as Ethereum broke its support and are on their way to a lower zone. Bitcoin might pull the same price action, breaching the strong support price of $27,500. While most traders start to panic-sell, others find it to be the best opportunity to buy Bitcoin, while placing adequate stop-loss prices.
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Bitcoin Price Prediction – Will Bitcoin reach $20,000 again?
Even if the crypto market is currently in the red, there is still a chance for a reversal upwards. Bitcoin’s dominance still stands around more than 47% currently and is able to push the market higher if its prices recover. Bitcoin prices are currently in a very strong support area delimited by a price of $27,500 and $30,000.
On the other hand, if Bitcoin breaks the price of $27,500, there is a strong possibility to see a Bitcoin crash towards the price of $20,000. This is because there are no real support areas between the current $27,500 and the $20,000. Back when Bitcoin was going up, prices broke $20,000 and continued directly to the next psychological price of $30,000.