Bitcoin BTC/USD dipped below $20,000 on Saturday, and again on Sunday, a 70% drop from its all-time high. Bitcoin’s fall came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to the Fed's rate tightening.
The cryptocurrency was last below $20,000 in mid-July, dipping down to a low of $18,999.95 on July 13. Last week, pseudonymous crypto analyst Capo predicted that Bitcoin would fall to a new low during this ongoing dip.
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What Happened: Now, in a new Twitter post, Capo has shown short-term optimism for Bitcoin, with a short squeeze possible.
According to him, after rising toward $23,500, BTC will likely fall back toward $16,000 by mid-September.
Last week he mentioned 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.
Earlier in March, Capo predicted that the apex crypto would fall under $23,000. Bitcoin went on to hit a 2022 low of under $18,000 in June.
At the time of writing, Bitcoin was trading at $19,959, down 6.85% in the past seven days.
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