Crypto Analyst Who Predicted 2022 Bitcoin Meltdown Says BTC Has Reached A 'Local Bottom'

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

Also Read: This Billionaire Says One Factor Makes Bitcoin Superior To Gold: Here's What It Is

He said that BTC was able to maintain a local bottom due to selling volume dying off. 

$BTC

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.