Analyst Says Bitcoin Could Plummet 30% Before Upward Trends Starts

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The crypto market has recorded massive losses since May 2022. After the Federal Reserve announced and triggered interest rate hikes, prices tanked due to selling pressure. Many crypto investors and operators of various solutions have faced different crises of market movements.

But it seems that the end is not yet near. Even as the Merge date finally came, analysts are predicting a price for Bitcoin. Through past market moves, a fall in BTC price causes altcoins to fall and vice versa. So, this analysis is not what investors expect.

Related Reading: Binance Coin Struggles Below $290 Resistance, Where Would Price Go?

CAPO Announces Bitcoin Fund

The popular crypto analysts under the pseudonym Capo with 517,100 followers predicted that BTC could plunge between $16K to $14K before a rebound. Capo believes that this price, indicating a 21% and 31% price cut, will be its main downside target if the key support level falls.

Other indicators from Capo show a possible BTC rebound to $23K from its current price of about $20K price level

head stated that this price could lead to Bitcoin falling to the predicted price levels. Also, the analysts pointed out that BTC’s current pivot is $21K. If it makes a clean break below that level, it will drop to $19K.

A break below $19K will push the coin to its target of $14K to $16K, the last low point.

Currently, the price of BTC could rise to $23K, but Capo advised Twitter followers not to be bullish.

Capo analyzed BTC’s recent price of $20,122.54 from its high point in August. The result shows a 10% loss, leading to the following prediction that Bitcoin could target a resistance level between $22.5K and $23K.

The resistance zone, as indicated above, could lead to a lower high or a quick swing to $23K. With this, Capo sees an opportunity to short because the movement will still be bearish.

BTCUSD
The price of Bitcoin is currently trading below $20,000. | Source: BTCUSD price chart from TradingView.com

Recent Events Could Advance Capo Forecasts

Recent Bitcoin news states that miners are moving their BTC holdings to spot exchanges.

Data shows that miners have moved 10.4537 BTC every hour since September 14. Such massive moves were recorded between July and August 2022 before BTC fell.

CryptoQuant analysts to predict that the current move will lead to price volatility beyond what the market has recorded.

The transfer of BTC holdings to spot exchanges usually indicates a willingness to sell. As a result, supply will exceed demand, causing price to rise. The analysts linked the miners’ activity to the Merger today, September 15.

Related Reading: Will Tron Link With Liquidity Provider Wintermute Increase TRX Price?

Many analysts predicted a turbulent post-merger market. So, it is likely that Bitcoin miners prepare for such situations.

Featured image from Pixabay and chart from TradingView.com



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