Bitcoin Price Due To 'Big Dump' After Surpassing $20,000, Trader Warns

BTC price levels as high as $20,500 could emerge on this day, but the outcome will be on the downside, concludes a new analysis.

Market Update

Bitcoin (BTC) returned to intraday resistance on September 30 as analysis predicted $20,000 could break before another dip.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Critical Time for $20,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hovered around $19,600 at the time of writing.

The pair had experienced a bout of more volatile behavior the previous day, briefly losing $19,000 before supply support pushed the market higher.

The day appeared to be an important one for the bulls with the monthly close combined with European Consumer Price Index (CPI) data.

Geopolitical events involving Russia's formal annexation of Ukrainian territory and associated implications were also on traders' radars. Russian President Vladimir Putin was due to speak at a ceremony where he would officially ratify the membership of four Ukrainian regions into Russia.

"Today is the day," Crypto's Il Capo said, referring to Bitcoin's upcoming squeeze higher, which is expected to turn into losses thereafter.

He went on to say that price action would likely take the form of a "20,000-20,500 pump ahead of Putin's speech. So big dump."

In a potentially more bullish version, market analyst team IncomeSharks argued that the bears have recently become less...