Bitcoin BTC/USD closed around $20,000 on Saturday, and on Sunday, the cryptocurrency dropped 1.55% to $19,708. BTC is down 58.9% from the year’s high of $48,234 on March 28.
The macroeconomic warnings from Goldman Sachs and Fed’s approach to interest rate hikes have played a significant role in determining Bitcoin’s price trends.
What Happened: The pseudonymous crypto analyst Capo has predicted that the overall cryptocurrency market will see a downfall, and accurately mentioned Bitcoin’s crash this year.
Selling volume dying. This looks like a local bottom. pic.twitter.com/8mIMLtS5ae
— il Capo Of Crypto (@CryptoCapo_) September 16, 2022
He said that BTC was able to maintain a local bottom due to selling volume dying off.
Looking good. pic.twitter.com/8Q8mkzLM7I
— il Capo Of Crypto (@CryptoCapo_) September 17, 2022
According to him, the short-term prediction for an imminent Bitcoin rally looks good, which will be followed by a steep correction after the cryptocurrency meets resistance at $23,000.
Earlier in August, Capo predicted that Bitcoin would fall to new lows soon.