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Will BTC fall to $20,000 after China’s FUD? No, we’re preparing for ATH!

The crypto market is doing strange things now, will we see a new all-time high for Bitcoin or we’re in the bear market? Let’s make things clearer — check out the market analysis from BTCNEXT.

15–28 September main events

  • Twitter permits Bitcoin donations. Users of Twitter on iOS devices are now able to accept donations through the Lightning Network.
  • Hackers attack DeFi protocols and Bitcoin.org. 277 BTC were withdrawn from the pNetwork protocol by exploiting a vulnerability in the codebase of the tokenized pBTC. The hackers also gained access to the information site Bitcoin.org where they placed fraudulent banners.
  • The price of Bitcoin drops below $42,000. The price could be affected by the potential default of the Chinese developer Evergrande, which has accumulated a debt of $309 billion, as well as the increased pressure from the Chinese authorities.

Price analysis

Despite the Chinese FUD last week, the bulls did manage to close the week above the weekly support zone of $40,100-$43,000. The current week closes the month and quarter and the further fate of the bull market depends on it. The month and the quarter must close above $44,000, if the bulls are to have a chance of arranging explosive growth and driving the price above $100,000 in the period from November 15 2021 to April 1 2022. If the week closes below $40,100, the price will decline to $36,600 and into the range of $34,000-$30,000. To continue the recovery, it’s necessary to close the week above $47,230.

The Fear and Greed Index continues to be in the fear zone, at 26 points, which indicates a reluctance to buy and panic sales. In the order book, we have a block of resistance in the $45,000 region, then there is a $48,000 block and at $50,000.

We fell under the buffer zone of $42,575-$44,000, so we are diving again to $40,000 and possibly into the range of $36,600-$38,000. It’s also necessary to watch the resistance at $45,750-$46,830. In order for the growth to continue, we need to go above this zone. Given the FUD, we will most likely fall below $40,000.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official Website.

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