On Saturday, Bitcoin BTC/USD broke below $20,000 for the first time since December 2020. One analyst has been anticipating the breakdown and says things could get worse from here.
What Happened: The pseudonymous crypto analyst Capo has been predicting that the overall cryptocurrency market will see a downfall in the coming days and Bitcoin's fall below $20,000 will trigger panic in the market.
Earlier this week, Capo said that Bitcoin had not bottomed out yet.
Earlier in April, he mentioned that Bitcoin would see 50% retracement, and the overall crypto market would fall even more.
Also Read: This Industry Expert Says Bitcoin Could Rally By Around 732%: Here's How Long That Will Take
However, crypto trader Peter Brandt believes a retest of $20,000 could provide a relief rally for Bitcoin.
At the time of writing, Bitcoin was trading at $19,377, down 7.5% in the last 24 hours and a whopping 33% plunge the last seven days.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.