Bitcoin price may have dropped to $21,000, but some analysts say that’s not entirely a bad thing. In today’s post, we’ll be covering the forecasts of ten chain analysts Willy Woo and Crypto Capo. Here are the details…
Bitcoin continues to decline
On chain expert analyst Willy Woo says that Bitcoin’s recent drop to $21,000 is largely due to massive sales by traders. However, according to the analyst, there is no reason to press the panic button. Because selling is linked to negative net flow on major exchanges. This shows that most of the participants bought from the bottom by taking advantage of the price advantage. Willy Woo is a popular and sought-after expert on Bitcoin and other digital assets. He has over 1 million followers on Twitter and a respected newsletter on Substack.
At this point, it is unclear whether the bearish line will continue as there are no indications that BTC has bottomed out. With BTC taking a leap past the 50-day moving average, the crypto king has reached new highs after the local correction fueled a rally in both crypto and exchanges. Considering the inverse correlation occurring between assets, it is clear that it may take some time for the crypto market to recover with the rise in fiat money and equities.
The increase in the price of the US dollar against other foreign currencies is one of the factors that put a lot of strain on the crypto market. As Willy Woo reiterates, the crypto market may revisit a long period of consolidation, possibly the same as in 2018. You can read the previous predictions of Woo, who correctly predicted levels such as $ 5,500 and $ 3,500 in BTC in the past, in this article.
What awaits Crypto Capo BTC?
As we reported on Kriptokoin.com, crypto analyst Capo predicted a downward movement in BTC on August 16. He now warns that “new lows are just a matter of time.” So Capo predicted that BTC would drop below $23,000. He is now considering its impact on the crypto market. Capo is known to expect BTC to drop to new lows soon. According to the analyst, the cryptocurrency has become more bearish, losing the $21,000 level.
Capo added that Bitcoin is currently in the fifth wave of the primary downtrend and could correct higher towards the $23,500 level in a three-wave pattern. Capo predicted that $23,500 would fiercely resist pushing Bitcoin towards the key $20,000 area. Earlier in March, Capo predicted that the largest cryptocurrency would fall below $23,000. Bitcoin hit a 2022 low below $18,000 in June. At the time of writing, BTC is trading at $21,168, down 1.1 percent.
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