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Bitcoin price: BTC approaches key level at $20,750, analyst predicts decline in the asset

  • Analysts believe $20,400 is a key level to hold for bulls, losing this level could push Bitcoin much lower. 
  • Investment research firm Charles Schwab reveals 46% of Gen Z wants to invest in Bitcoin and cryptocurrencies via their 401(k). 
  • Analysts and proponents believe Bitcoin is preparing for massive volatility in response to the ongoing price compression. 

Analysts argue that $20,750 is a key price level for Bitcoin, a drop below this level could imply a bearish trend reversal in the asset. After a prolonged period of low volatility, Bitcoin is ready to break out of its downtrend with a massive breakout. 

Also read: JUST IN: Hong Kong is set to legalize Bitcoin and crypto trading

Top analyst notes BTC is headed to crucial price level

Michäel van de Poppe, crypto analyst and the CEO and Founder of Eight Global evaluated the Bitcoin price trend. The analyst notes that Bitcoin price will face next resistance between the $20,750 level and the $20,900 level. This is a significant level for Bitcoin. 

The analyst believes Bitcoin price needs to cross the $20,500 level and sustain above it for a bullish trend reversal. The analyst believes the asset is ready for a test at the $20,000 before a massive rally. 

BTC/USDT price chart

BTC/USDT price chart

RektCapital, a pseudonymous crypto analyst identified weekly Bollinger Bands on Bitcoin’s chart are getting increasingly narrow. Non-volatility typically leads to price compression and any price compression is a driver of new volatility in a digital asset. Therefore, the analyst expects Bitcoin price to break out of its downtrend and witness a breakout in the short-term.

BTC/USDT price chart with Bollinger Bands

BTC/USDT price chart with Bollinger Bands

46% of Gen Z interested in Bitcoin

Investment research firm Charles Schwab shared results of its survey on interest in cryptocurrencies. The survey findings revealed that 46% of Gen Z, the generation of individuals born between 1997 and 2012, want to invest in Bitcoin and crypto via their 401(k). 45% of millennial participants, the generation born between 1981 and 1996 are keen on investing in Bitcoin for their retirement. 

Analysts at FXStreet believe Bitcoin price has the potential to rally to the $23,000 level. For more information and key price levels to watch out for, check the video below:

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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