Bitcoin (BTC<\/a>) hovered above $26,000 into the Aug. 20 weekly close as doomsday BTC price targets kept coming.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed an eerie calm covering BTC\/USD over the weekend, with the market down 11% in seven days.<\/p>\n Rattled market observers remained highly cautious<\/a>, and looking ahead, Keith Alan, co-founder of monitoring resource Material Indicators, saw only modest room for improvement.<\/p>\n \u201cI think $25k will eventually breakdown and clear a path to retest support at the 2017 Bull Market Top which was just under $20k, but I don’t think we go there in a straight line,\u201d he concluded<\/a> in X analysis on Aug. 19. <\/p>\n \u201cI’m looking for a retest of $25k support to potentially print a double bottom and provide a good foundation for another exit rally. If that setup presents itself, $28k – 29k range is realistic.\u201d<\/p><\/blockquote>\n Alan continued that such a rebound may even hit the 100-week simple moving average (SMA), currently at $31,368, and should that occur, it would \u201cadd salt to the wound of this week’s losses.\u201d<\/p>\n \u201cIf\/When we get the retest of $25k, my [eyes] are looking at the next series of Lower Lows,\u201d he summarized. <\/p>\n \u201cFirst would be $24,749 ( @coinbase ) and the next is $19,567 which is not so coincidentally located just below a key R\/S flip zone at the 2017 Bull Market Top. Losing that level, paves the way to bearadise and a potential generational buying opportunity.\u201d<\/p><\/blockquote>\n Others shared the consensus that $20,000 would be back on the radar should $25,000 fail to act as support.<\/p>\n \u201cBreak below $25.3K probably target $24K – $23K for stronger buyback reaction else continuation towards $20K,\u201d popular trader Skew told<\/a> X subscribers in part of a post on the day. <\/p>\n \u201cDeep sweep below $20K is the extreme end in which would look to be swing long there.\u201d<\/p><\/blockquote>\n Skew nonetheless suggested that intraday BTC price action might see a bounce around the weekly close, with $28,500 a potential target should buy-side pressure step up.<\/p>\n Some less extreme support levels below $25,000 meanwhile came from analytics platform Whalemap, which eyed points of whale buying volume from the past.<\/p>\n Related:\u00a0Why is the crypto market down today?<\/a><\/strong><\/em><\/p>\n Significant pockets of on-chain volume, it noted<\/a>, still lay at $23,200 and $21,000. <\/p>\n \u201cIn case we go even lower,\u201d it commented on a print of its data uploaded to X, adding that $19,200 and $16,600 were other points of interest.<\/p>\n Previous whale support at $28,250 and $26,950 nonetheless failed to hold the market<\/a>\u00a0on the way down.\u00a0<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/3de76e12-5bb9-444b-bfc0-c656960c46c6.png\")
Analysis: Bitcoin may see new “generational buying opportunity”<\/h2>\n
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BTC price melts through Whale volume<\/h2>\n
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