BTC Price Dips Target $20k, Last Opportunity Before the Bull Run?

The price of Bitcoin (BTC) is facing downward pressure and may dip further in search of liquidity before the next bull market begins. Last week, events such as the release of the Federal Open Markets Committee meeting minutes and news that Elon Musk’s SpaceX had written down $377 million in Bitcoin triggered a sell-off. BTC is currently trading below key moving averages, indicating declines are likely to continue. Retail investors who bought BTC at $32,000 with hopes of a breakout to $40,000 may suffer the most. The Moving Average Convergence Divergence (MACD) also supports a bearish outlook. However, while a sustained break below $26,000 could trigger another sell-off, it could also present an opportunity for investors to accumulate BTC before the next bull market expected after the halving in April 2024.