Bitcoin Breaks Below $20,000: Analyst Says 'Panic Could Be Massive,' Predicts Lower Price Target

On Saturday, Bitcoin (CRYPTO: BTC) broke below $20,000 for the first time since December 2020. One analyst has been anticipating the breakdown and says things could get worse from here.

What Happened: The pseudonymous crypto analyst Capo has been predicting that the overall cryptocurrency market will see a downfall in the coming days and Bitcoin's fall below $20,000 will trigger panic in the market.

If $BTC breaks the $20k level, panic could be massive. Many people have stop losses below this level. Many others think it can't break the 2017 ATH because it hasn't happened before... It could easily reach 16k-18k if 20k breaks.

What is the current Celsius liq. price btw?

— il Capo Of Crypto (@CryptoCapo_) June 16, 2022

Earlier this week, Capo said that Bitcoin had not bottomed out yet.

Seeing some bottoms calls here. Honestly, this is one of the clearest fake pumps that we have seen until now.

In my opinion, the 20k level won't hold for long. We haven't seen proper capitulation yet, and there are no bullish signs.

I remain out of the market.

— il Capo Of Crypto (@CryptoCapo_) June 15, 2022

Earlier in April, he mentioned that Bitcoin would see 50% retracement, and the overall crypto market would fall even more.

Also Read: This Industry Expert Says Bitcoin Could Rally By Around 732%: Here's How Long That Will Take 

However, crypto trader Peter Brandt believes a retest of $20,000 could provide a relief rally for Bitcoin. 

A retest of $20,000 and 2017 high could provide relief rally in $btc. But remember — relief rally only pic.twitter.com/rQ3O8Is7Bt

— Peter Brandt (@PeterLBrandt) June 16, 2022

At the time of writing, Bitcoin was trading at $19,377, down 7.5% in the last 24 hours and a whopping 33% plunge the last seven days.