According to the pseudonymous crypto analyst Capo, Bitcoin BTC/USD will see 50% retracement, and the overall cryptocurrency market will fall even more.
At the time of writing, Bitcoin was trading at $39,726.34, almost 2% down in the last 24 hours. This means a 50% drop for Bitcoin would see it retrace to a price of around $19,500.
Earlier this week, he predicted that Bitcoin would drop below $30,000.
He also said that Bitcoin’s recovery from below $39,000 at the start of the week was a dead cat bounce and warned against getting “trapped above $40,000.”
However, on Friday, altcoins declined less than Bitcoin, suggesting that the current pullback in prices could be temporary.
Crypto trader Peter Brandt also believes that Bitcoin is heading for a serious price dip and could drop to $27,000. This means the move would represent a more than 31% decrease for Bitcoin.
Brandt also speculates that the Nasdaq-100 Index could be mirroring the dot-com crash of the early 2000s.
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