An analyst, who previously accurately knew the changes in Bitcoin price, was also right in his latest prediction. The analyst said in his latest statements that BTC could go below $21,000. Indeed, BTC dropped to around $20,800 overnight. Here are the details…
Bitcoin analyst was right: BTC broke $21,000 to the downside
Analyst il Capo of Crypto (CryptoCapo) was right in their latest statement. The analyst correctly predicted that BTC would drop below $30,000 in the past months. BTC has been trading below $30,000 for almost 3 months. Although BTC managed to break $25,000 at the beginning of the week, CryptoCapo stated that this would not be sustainable. The analyst said that in the current situation, the bears are in a dominant position in the market.
Second option playing out. Any test of 23500 as resistance is a good sell opportunity.
Consolidation below 22500 (clean break + use the level as resistance) would be very bearish = 21k or lower
New lows are just a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022
According to the analyst, a break of $26,000 is required for BTC price to confirm bullish moves. As we have also reported as Kriptokoin.com, BTC has risen to a maximum of $ 25,135 in the past few days. Then it went down. Thus, the analyst correctly knew that rejection would occur at $ 25,500. He also said that a break below $23,500 and $22,500 would confirm the dominance of the bears. Finally, he stated that the price could fall below $ 21,000. The analyst predicts that it can go up to $ 20,000 in BTC. He says it’s only a matter of time before more lows are seen.
Analyst’s previous forecasts and the latest situation in the market
As we reported, CryptoCapo has been an active name in the crypto space for a long time. It has a large following. He formed this audience when his various predictions turned out to be correct. Here are some examples of situations where the analyst guessed correctly. In early 2020, he predicted that BTC would drop to $3,500, while Ripple would fall to $0.11. In addition, XRP correctly met its target of $0.13.
On Friday, August 19, the value of the total crypto market dropped 9.1 percent. But more importantly, $1 trillion of psychological support has been reached. Regulatory uncertainty increased after the United States House of Representatives for Energy and Commerce on August 17 announced that they were “deeply concerned” that proof-of-work mining could increase demand for fossil fuels. As a result, US lawmakers asked crypto mining companies to provide information on energy consumption and average costs.
Typically, sales have a greater impact on cryptocurrencies outside of the top 5 assets by market cap. But yesterday and today’s correction offered losses ranging from 7 to 14 percent. Bitcoin (BTC) lost 9.7 percent while testing $20,800. Ethereum (ETH) is down 10.6 percent at its intraday low of $1,675.
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