Trader predicts slow grind for Bitcoin and declares $20,000 level out of the picture for BTC

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

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

According to the crypto strategist, BTC has several support levels up to $25,000 where buyers can step in to stop the bleeding.

You can’t really talk about $20,000. It’s out of the picture because it’s below the high delay level. You can talk about $25,000 because prices were above that level. Were in this area. This is technically the bottom of the zone.

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

I think we are most likely seeing a slow price increase.

Source: Cheds/YouTube

Cheds points out that there is a 70% chance that Bitcoin will retest the $28,000 price range, saying this is the most likely scenario.

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

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

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