Bitcoin (BTC) Dips to Three-day Low of $83,974 Before Bouncing Back

Bitcoin faced a turbulent ride over the weekend, dipping to a three-day low of $83,974 on April 20 before bouncing back.

Bitcoin faced a turbulent ride over the weekend, dipping to a three-day low of $83,974 by 08:00 ET (12:00 GMT) on April 20 before bouncing back.

The drop, which came just ahead of the weekly close, signaled a 1.5% decline, highlighting the fragility of market momentum despite a relatively calm weekend overall.

One of the loudest voices of caution came with analyst Mark Cullen, who examined liquidity across exchange order books. While a $90,000 target still seems within sight, Cullen warned that the $83,000 level could be swept out before any real move higher occurs.

“Bitcoin 90k liquidity still calling. BUT, i think the 83k level isn’t safe, those lows from last Sunday and Wednesday are likely to get run first. We'll likely see one more dip below 83k before any strong bullish structure might rebuild, expected range is 83k-86k,” he said on X.

Bitcoin 90k liquidity still calling. BUT, i think the 83k level isn't safe, those lows from last Sunday and Wednesday are likely to get run first.

We'll likely see one more dip below 83k before any strong bullish structure might rebuild, expected range is 83k-86k.

After a slower Easter holiday weekend, trader Daan Crypto Trades noted that the chart was "ripe for a pop."

The quiet trading over the holiday might not last. Once any significant news hits the wire—positive or negative—it could trigger large moves simply from traders being squeezed.

Generally those moves are not one you want to be fading when it occurs. $83K-$86K is the range to watch in the short term,” he added.

Daan shared a chart comparing Bitcoin's price action with the CME Group's (CME.O) Bitcoin futures closing price. He suggested that this discrepancy might create a "gap," potentially pulling prices upward as the market attempts to fill it.

Alpha Trader Sky outlined a U-shaped recovery forming on the chart and suggested that if it holds above $84,000, a sharp move toward the $88,000–$90,000 range could follow.

However, he also flagged the red zone, warning, "there's a Rising Wedge & a Diamond Reversal Pattern that can retest $80K/our lows in this range, if there's fuckery."

Rekt Capital offered a broader perspective, sharing a bullish technical development. According to him, BTC has not only escaped a months-long downtrend but also held its ground during repeated tests.

"Bitcoin hasn't just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation," he explained.

"But Bitcoin has also been able to sustainably maintain above the Downtrend for a period of several consecutive days now."

Adding a note of long-term optimism, Robert Kiyosaki, the author of Rich Dad, Poor Dad, expressed his strong belief that Bitcoin will hit $180,000 to $200,000 by 2025.

Noting that Bitcoin currently trades around $84,000, Kiyosaki stated, "Strongly believe Bitcoin will reach $180k to $200k in 2025."

His prediction comes as Bitcoin faces resistance at the $90,000 level, which could be pivotal in determining the next major move for the cryptocurrency.

Kiyosaki's prediction is significantly higher than the forecasts of other market analysts. Many analysts believe that Bitcoin could hit $100,000 by the end of the year, while some are even more bullish and see the cryptocurrency reaching $150,000 in the next bull market.

However, even the most bullish predictions pale in comparison to Kiyosaki's outsized forecast of $180,000 to $200,000 for Bitcoin by 2025.

Only time will tell whether Kiyosaki's prediction will come true. However, his prediction is a testament to the strong belief that some cryptocurrency enthusiasts have in the long-term potential of Bitcoin.

News data source: kdj.com

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