Crypto Trader Predicts Bitcoin Will Slowly Grind Up, Not Down to $20K

• Crypto trader Cheds predicts that Bitcoin (BTC) is unlikely to revisit the $20,000 price area soon.
• Cheds believes BTC has multiple support levels all the way down to $25,000 where buyers can step in.
• According to Cheds, there’s a 70% chance that Bitcoin will retest the $28,000 price range and he thinks Bitcoin is currently consolidating within an uptrend.

Crypto Analyst Predicts Slow Grind Up for Bitcoin

A well-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 subscribers that even though Bitcoin can do the unexpected, he doesn’t see the crypto king plummeting to $20,000.

Multiple Support Levels Below $25K

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. He said that talking about a drop lower than this could be out of the picture as it would be below high timeframe levels of resistance and more likely we’ll see a slow grind up in price after a retest of around $27-28k.

70% Chance for Retesting at 28K

Cheds highlights there’s a 70% chance that Bitcoin will retest the $28,000 price range which he sees as being most likely scenario at this time. The trader also tells his followers on Twitter that he thinks Bitcoin is currently consolidating within an uptrend with 200 week moving average acting as support after taking out its high timeframe resistance at 25k.

Current Price Of BTC

At time of writing, Bitcoin is worth 29224 USD according to CoinMarketCap’s data feed.

Disclaimer

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