|

Assessing the chances of Bitcoin price revisiting $20,000 before 2022 ends

  • Bitcoin price consolidates on the four-hour timeframe, hinting at a volatile move soon.
  • A minor retracement to $16,536 is likely before BTC kickstarts its explosive rally to 2022’s highest traded level at $19,235.
  • Invalidation of the bullish outlook will occur below the $15,937 support level.

Bitcoin price shows a tight consolidation in the four-hour timeframe, indicative of a volatile move. The most plausible outcome of this range tightening would be a minor correction to rebalance the imbalance present to the downside. After this move, investors can expect a surge in buying pressure that kick-starts a massive run-up for BTC.

Bitcoin price ready to make its move

Bitcoin price breached its inverse head-and-shoulders pattern on November 29 and rallied nearly 5% to set up a local top at $17,324. Since then, BTC has been in a tight consolidation that will likely result in a bearish move.

A quick pullback to retest the $16,526 level should provide sidelined buyers with an incentive to push the big crypto at a discount. In such a case, a spike in buying pressure could trigger a reversal in Bitcoin price. 

As for the targets to the upside, Bitcoin price needs to flip the $17,593 hurdle into a support floor to ensure that this upswing will continue. In such a case, BTC will eye the $19,253 hurdle; the highest volume traded level in 2022. This point is where the big crypto might form a local top, but there is a good chance that residual bullish momentum could allow Bitcoin price to wick up to the $20,000 psychological level.

BTC/USDT 1-day chart

BTC/USDT 1-day chart

While the bullish outlook makes logical sense, Bitcoin price must overcome many hurdles to make $20,000 happen. A breakdown of the $16,306 support level will be the first sign of weakness. But a four-hour candlestick close below $15,721 will create a lower low and invalidate the bullish thesis for BTC.

In this situation, Bitcoin price could revisit the next stable support level at $13,575.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Grass 20% bullish breakout defies broader market weakness

Grass (GRASS) is edging up above $0.30 at the time of writing on Monday. The token’s notable 20% intraday surge stands out amid heightened volatility in the broader crypto market.

XRP slides as US-Iran war weakens sentiment

Ripple remains under pressure, trading around $1.35 at the time of writing on Monday. The remittance token extended its down leg to $1.27 on Saturday after the US, in collaboration with Israel, launched attacks on Iran, killing the nation’s Supreme Leader, Ali Khamenei.

Crypto Today: Bitcoin pares losses, Ethereum and XRP drift lower as Middle East conflict pressures risk assets

Bitcoin, Ethereum and Ripple remain on edge as the Israel-US war on Iran risk-off sentiment. The Crypto King trades above $66,000 at the time of writing on Monday, but is struggling to break through the seller congestion around $67,000.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.