Bitcoin hasn’t been in the $20,000 range in two years, and some believe the pioneering cryptocurrency will never reach that level again. However, according to one analyst, a drop to $20,000 is a matter of when, not if. While they don’t expect this crash to happen anytime soon, they caution that the possibility shouldn’t be ruled out at this point.

Bitcoin Price Could Rise to $20,000

Cryptocurrency analyst “No worries” in up-to-date analysis on TradingView, outlined the possibility of Bitcoin price falling to $20,000 again. The analysis focuses on the Bitcoin price on a 3-week chart, which showed some intriguing insights into the movement of the digital asset.

According to the cryptoanalyst, there were several critical events that led to expectations that this would happen. One of them involved the stochastic RSI, which made several significant moves. As the cryptoanalyst points out, the stochastic RSI crossed 80 and then eventually fell back to 50.

This move in the Stochastic RSI, which is one of the most critical indicators of bull and bear cycles, shows that resistance is building. At this point, the analyst advises traders to look for a confirmation of resistance, which could signal the beginning of a downtrend.

Looking back, the crypto analyst revealed that resistance had appeared earlier in 2018 and 2019. Then, there was a downtrend. On the other hand, resistance appeared in 2021 and each time there was an average decline of 70% after the resistance.

If this resistance were to re-emerge, historical performance would suggest that Bitcoin price would follow the same trend. In such a case, a 70% drop from the current all-time high would mean that BTC price would revisit the $20,000 level. However, it will be months before that happens, according to the analyst.

Will BTC grow in 2025?

On the subject of Bitcoin’s bull run lasting until 2025, the crypto analyst doesn’t believe it’s possible. With so many calls for the pioneering cryptocurrency to reach up-to-date heights, he believes it won’t happen.

However, the analyst does not believe that the market has peaked at this point. He points out that the market is still in fear, which is not the ideal time to peak. Instead, the peak will occur when the market is in euphoria. “Once the RSI resistance is confirmed, there will be no long opportunities in the market until 2027,” the analyst said in conclusion.

Featured image created with Dall.E, chart from Tradingview.com