A major dip to $20,000 is not expected, one trader says, but lower levels, in general, are still in the cards going into the weekend. Bitcoin (BTC) retained a key support area on Friday as bidders stepped in to avert another test of $30,000.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bottomed out at local lows of $32,700 overnight. A subsequent rebound took the pair almost $1,000 higher before settling at around $33,300 at the time of writing. As Cointelegraph reported on Thursday, this is above the $33,000 zone, which at least one trading source identified as highly significant for bulls to keep intact.
Going into the weekend, the mood is thus not as gloomy as it once was, this being tempered by expectations that a “leg down” could — or even should — still occur. Popular trader Crypto Ed eyed a potential trip to a local bottom in Bitcoin’s relative strength index (RSI), which would, in turn, produce an oversold price dip followed by a correction.
“When following RSI pattern/trend and that wave pattern, BTC could do 1 more leg down,” he considered. “I’m not expecting a big nuke.... ‘big nuke’ as in a move to 20k or lower.”
Since coming off $64,500 all-time highs, Bitcoin has dipped to a maximum of $28,600, with lower lows and a challenge of the 2017 peak of $20,000 so far absent. Nonetheless, price action remains rangebound, with analyst Rekt Capital seeing a solid downward trend, which nonetheless contains a clear level to reclaim for a breakout.
“BTC is still maintaining this structure and the blue diagonal will still be the trend line to watch for a breakout when the time comes,” he said in comments on an accompanying chart.
Altcoins, meanwhile, slipped from prior strength, with losses broadly beating Bitcoin’s slight downturn to hit 5% or more. Ether (ETH), the largest altcoin by market capitalization, traded at $2,060 on the day, down 3% — a story matched by various other major cryptocurrencies.
Ethereum Classic (ETC) came off its publicity boost highs from earlier in the week, while publicity from Elon Musk likewise failed to deliver sustained gains to Dogecoin (DOGE), which was down 4% at the time of writing.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 95.6% | 2 | $27 033.99 | 2.37% | 1.45% | $527 135 688 529 | ||
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2 | ![]() |
Ethereum predictions | 93.6% | 5 | $1 674.14 | 3.44% | 4.93% | $201 291 736 477 | ||
3 | ![]() |
Tether predictions | 96% | 1 | $0.999843 | 0.06% | 0% | $83 263 508 106 | ||
4 | ![]() |
Binance Coin predictions | 94.4% | 4 | $216.11 | 1.54% | 2.33% | $33 247 980 400 | ||
5 | ![]() |
XRP predictions | 92% | 9 | $0.509796 | 2.08% | 0.01% | $27 178 454 547 | ||
6 | ![]() |
USD Coin predictions | 94.8% | 1 | $1.000021 | -0.01% | 0.01% | $25 530 849 089 | ||
7 | ![]() |
Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
8 | ![]() |
Wrapped TRON predictions | 85.2% | 24 | $0.088098 | 4.06% | 5.76% | $8 957 448 242 | ||
9 | ![]() |
Cardano predictions | 91.6% | 6 | $0.251909 | 2.62% | 2.72% | $8 849 175 236 | ||
10 | ![]() |
Dogecoin predictions | 90% | 4 | $0.061718 | 1.52% | 0.04% | $8 714 841 543 | ||
11 | ![]() |
Solana predictions | 84.8% | 20 | $20.16 | 5.17% | 2.25% | $8 324 940 011 | ||
12 | ![]() |
TRON predictions | 84% | 22 | $0.088554 | 4.55% | 5.90% | $7 888 492 391 | ||
13 | ![]() |
Toncoin predictions | 60.4% | 84 | $2.22 | 1.57% | -3.82% | $7 623 523 317 | ||
14 | ![]() |
Dai predictions | 95.2% | 1 | $0.999716 | -0.03% | 0.01% | $5 346 368 455 | ||
15 | ![]() |
Polkadot predictions | 90% | 7 | $4.09 | 1.76% | 1.74% | $5 029 573 668 |
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