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In our previous analysis Urgent: Bitcoin Sell-Off Far From Over! Crash To $20k? we warned our readers of a potential -20% dump in the BTC price to the next major support at the $20k price region.
Well, that dump has played out exactly and it did so in record time! This shows the level of panic beginning to set in for crypto Hodlers who have been watching all their profit from the past few years of the crypto bull run evaporate.
The question traders are asking now is will this Bitcoin panic selling increase or will we see major buyers begin to step back into the market around this $20k key support.
In this Bitcoin analysis, we will be breaking down the key levels we are watching as well as the possible price scenarios that might play out in the coming days.
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Bitcoin Bullish Price Scenario!
For the Bitcoin bullish price scenario, we want to see the $20k major support in the Daily timeframe hold!
The last time the Bitcoin price was ever below this $20k key support was last two years ago. And this was before the major bull run of 2020 that saw BTC surging more than 200% in a matter of months.
This makes this $20k support a key psychological level many traders will be watching closely in the coming days.
Bitcoin Bearish Price Scenario!
The bearish price scenario comes into play when this $20k Daily key support cannot hold.
I will be frank with you! A price break below this $20k key support region is very bad for Bitcoin. This could lead to a much larger panic in the market that could see the coin selling off hard back down to levels we have not been around since the inception of Bitcoin.
This makes this $20k region very important for the bulls and the future of Bitcoin. The question now is, can Bitcoin buyers hold and defend this key level in the coming days?
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