Cryptocurrency giant Bitcoin BTC/USD closed on a positive note on Saturday at $21,166.06. At the time of writing, it was trading at $21,519, down close to 12% in the last seven days. Pseudonymous crypto analyst Capo, back on Aug. 16, anticipated the downward move, is now warning that "new lows are just a matter of time."
What Happened: Capo forecasted that BTC would crash below $23,000, and he's now considering the impact on the crypto market.
In a Twitter post, he said it’s just a matter of time and Bitcoin would fall to new lows soon.
$BTC
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022
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
According to him, the crypto asset has taken the bearish option, by dropping to the $21,000 level.
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Capo added that Bitcoin is currently in the fifth wave of the primary downward trend and could correct to the upside in a three-wave pattern to the $23,500 level.
Option for the 23500 test as resistance. pic.twitter.com/SjWNxOSVcn
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022
Capo predicted that $23,500 would strongly resist pushing Bitcoin towards the $20,000 key area.
Earlier in March, Capo predicted that the apex crypto would fall under $23,000. Bitcoin ended up hitting a 2022 low of under $18,000 in June.
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