Bitcoin closed around $20,000 on Saturday, and on Sunday, the cryptocurrency dropped 1.55 percent to $19,708. BTC is down 58.9 percent 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.
Added more to this $BTC trade. R/R = 2.75
Total risk on this trade = 3%
Total risk of my portfolio (BTC+ETH) = 5%
USDT = 95% pic.twitter.com/BYpIHiGJ2L— il Capo Of Crypto (@CryptoCapo_) September 16, 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.
By Bibhu Pattnaik
© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.
