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Bitcoin Price Forecast: $28,000 Must Hold to Avoid Total Collapse

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At $28,000, Bitcoin is teetering just over key support. The head and shoulder topping pattern would be completed if you broke lower. The original objective is $20,000, with a fair chance of hitting $12,500 later this year, or perhaps sooner if another crypto flash crash occurs.

The Bull Case

Bitcoin must quickly return over $32,000 to restore near-term sentiment.

Overall, I’m optimistic about blockchain and plan to invest during the washout.

AG Thorson is a CMT that specializes in technical analysis. He thinks we’re nearing the end of a global debt super-cycle. Please check back here for regular updates.

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