Trader Predicts Slow Grind Up for Bitcoin, Says $20,000 Level Out of the Picture for BTC

A closely followed crypto analyst believes that Bitcoin (BTC) is unlikely to revisit the $20,000 price area anytime soon even though it is now trading below the psychological level of $30,000.

In a new strategy session, trader Cheds tells his 50,300 YouTube subscribers that even though Bitcoin can do the unexpected, he doesn’t see the crypto king plummeting to $20,000.

According to the crypto strategist, BTC has multiple support levels all the way down to $25,000 where buyers can step in to stop the bleeding.

“You can’t really talk about $20,000. That’s out of the picture because that’s below the high timeframe level. You can talk about $25,000 because we’re in price action above that level. We’re in that zone. That’s the bottom of the zone technically. 

So sure, you can talk about $25,000. I think that’s a possibility, a lower possibility (of around) 15% to 20%. But I think more likely (we get) a retest of $27,500, $28,000, $28,500 range and then continuation.

I think we do see most likely a slow grind up in price.” 

Cheds highlights there’s a 70% chance that Bitcoin will retest the $28,000 price range, saying that it is the “most likely scenario.”

The trader also tells his 311,500 Twitter followers that he thinks Bitcoin is currently consolidating within an uptrend. According to Cheds, Bitcoin ended its downtrend after taking out the high timeframe resistance at $25,000 with the 200-week moving average acting as support.

At time of writing, Bitcoin is worth $29,224.

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