Home Markets Crypto analyst who predicted Bitcoin’s collapse now says ‘new lows are only a matter of time’

Crypto analyst who predicted Bitcoin’s collapse now says ‘new lows are only a matter of time’

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Crypto analyst who predicted Bitcoin’s collapse now says ‘new lows are only a matter of time’

Cryptocurrency giant Bitcoin BTC/USD closed on a high note Saturday at $21,166.06. As of this writing, it is trading at $21,519, down nearly 12% in the past seven days. Pseudonymous crypto analyst Capo, who returned on August 16, anticipated the move lower, now warns that β€œnew lows are only a matter of time.”

What happened: Capo predicted that BTC would fall below $23,000, and he is now considering the impact on the crypto market.

In a post on Twitter, he said it was only a matter of time and Bitcoin would soon fall to new lows.

According to him, the crypto asset took the bearish option, falling to the $21,000 level.

Read also : This Billionaire Says One Factor Makes Bitcoin Superior To Gold: Here’s What It Is

Capo added that Bitcoin is currently in the fifth wave of the primary downtrend and may correct higher in a three-wave pattern at the $23,500 level.

Capo predicted that $23,500 would strongly resist pushing Bitcoin towards the key $20,000 area.

Earlier in March, Capo predicted that the crypto apex would fall below $23,000. Bitcoin ended up bottoming out at under $18,000 in 2022 in June.

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