Bitcoin has been in a sharp slump with strong bearish momentum over the past month. Since reaching its ATH in November 2021, the price of Bitcoin has fallen by approximately 74 percent, and the cryptocurrency market has seen more price drops and volatile price movement over the past few days.
BTC dipped below the $20,000 levels and is currently trading at the $19,000 level. The king coin also tested the $18,700 level during the day.
New Month, New Lows?
It’s almost time for Bitcoin to crash to new 2022 lows, according to a closely watched crypto expert who correctly forecast the decline below $30,000 in the price of the cryptocurrency.
According to an expert, Capo, the leading cryptocurrency asset by market cap’s inability to maintain a price above the crucial psychological level of $20,000 indicates that another sell-off event is about to occur. According to Capo, Bitcoin appears ready to go below its $17,600 annual low.
“It’s time… This is exactly what has happened. Support to resistance flip, another bull trap. Strong rejection and straight to new lows.”
The price level will be reclaimed as support after a minor correction below $16,000, according to Capo’s analysis of the chart.
Before the cryptocurrency launches a rapid comeback above $20,000 Capo adds that the anticipated BTC correction could result in a significant decline in the value of altcoin markets.
“BTC: more accurate projected roadmap for the potential local bottom formation around $16,000.”
The trader anticipates a 45–50% decline in the value of the altcoins from the current level. Capo claims that once the bottom is in for Bitcoin, which he has been bearish on since April when it was trading near $50,000, he will join the ranks of BTC bulls.