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Bitcoin BTC/USD dipped below $20,000 on Saturday, and again on Sunday, a 70% drop from its all-time high. Bitcoin’s fall came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to the Fed’s rate tightening.
The cryptocurrency was last below $20,000 in mid-July, dipping down to a low of $18,999.95 on July 13. Last week, pseudonymous crypto analyst Capo predicted that Bitcoin would fall to a new low during this ongoing dip.
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What Happened: Now, in a new Twitter post, Capo has shown short-term optimism for Bitcoin, with a short squeeze possible.
There are a lot or shorts aping here at support, after taking the lows. Short squeeze is still likely.
I’m short-term bullish until 23000-23500. pic.twitter.com/9DpIRuqh5i
— il Capo Of Crypto (@CryptoCapo_) August 26, 2022
According to him, after rising toward $23,500, BTC will likely fall back toward $16,000 by mid-September.
Same idea despite the choppy range.
23000-23500, then down to new lows. https://t.co/wWYyLvSAGG pic.twitter.com/ZdBTX9pvdv
— il Capo Of Crypto (@CryptoCapo_) August 26, 2022
Last week he mentioned that Bitcoin is currently in the fifth wave of the primary downward trend and could correct to the upside in a three-wave pattern to the $23,500 level.
Also Read: This Billionaire Says One Factor Makes Bitcoin Superior To Gold: Here’s What It Is
Earlier in March, Capo predicted that the apex crypto would fall under $23,000. Bitcoin went on to hit a 2022 low of under $18,000 in June.
At the time of writing, Bitcoin was trading at $19,959, down 6.85% in the past seven days.
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Image and article originally from www.benzinga.com. Read the original article here.