There has been a sharp decline in bitcoin over the past month with strong bearish momentum. Since reaching its ATH in November 2021, the price of bitcoin is down about 74%, and the crypto market has seen more price drops and volatile price movements over the past few days.
BTC declined below the $20,000 level and is currently trading at the $19,000 level. King coin also tested the $18,700 level during the day.
new month, new Loz?
It is almost time for Bitcoin to drop to new 2022 lows, according to a crypto expert who correctly predicted a fall below $30,000 in the price of the cryptocurrency.
According to one expert, Capo, the leading cryptocurrency asset by market cap, the inability to maintain price above the critical psychological level of $20,000 indicates that another selloff is on the way. According to Capo, bitcoin is set to slide below its yearly low of $17,600.
“It’s time… that’s exactly what happened. Support of resistance flip, another bull trap. Strong rejection and straight to new lows.”
According to the analysis of Capo’s chart, the price level will retest as support after a minor correction below $16,000.
Capo said that the anticipated BTC correction could result in a significant drop in the value of the altcoin market before the cryptocurrency makes a rapid return above $20,000.
“BTC: More Accurately Predicting Roadmap for Potential Local Bottom Formation Near $16,000.”
merchant Estimate A 45-50% drop in the value of the altcoin from the current level. Capo claims that once the bottom for bitcoin, which has been bearish since April, when it was trading near $50,000, would join the ranks of BTC bulls.