Bitcoin Won’t Crash Below $28,000 According To Analyst

Bitcoin won’t crash below $28,000 according to one on-chain analyst, despite the strong downside correction on the market that was seen earlier this week which is threatening to become a bear-trend as the coin has a hard time moving past the technical resistances as we are reading more in today’s Bitcoin news.

Many traders agreed that the pair will continue lower and will form a head and shoulders pattern which is a bearish reversal structure. The pattern’s technical downside target is below $20,000 which is a move that will take BTC down by more than 50% from the record high of $42,000 that was established back at the beginning of January. Other bearish indicators come from the macroeconomic landscape and the US growth prospects challenged opinions about a longer US dollar bear market. After finishing 2020 down by about 6% the dollar recovered by 1.2% in the first week of this year which forced analysts to rethink their long-term bearish bias.

The bearish bias stopped the BTC bull run midway as the traders decided to secure their profits at the local tops but now a stronger price correction is witnessing limited over-the-counter deals and low stablecoin inflow into exchanges which points to a bearish continuation in the market. However, one analyst believes that this is not the case and that Bitcoin won’t crash below $28,000. Ki-Young Ju who is the chief executive officer at CryptoQuant in South Korea asserted that the BTC/USD pair will not fall below ,000.
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He said:

 “There are many institutional investors who bought BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high. Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below 28k.”

More seasoned analysts supported a potential BTC price pullback as the cryptocurrency traded 16 percent higher from the local lows of $30,000 and another chartist even said that the BTC/USD exchange rate will not slip below $32,000 based on the technical support which lingers at the same level. The analyst presented the pair in a Symmetric Triangle pattern which confirms two reactive tops on a downward sloping trendline and two lows on the upward slowing trendline:

 “Bitcoin isn’t going any lower than $32,000 as long as the uptrend line continues to hold.”