Crypto Analyst Who Predicted Bitcoin Collapse Now Says 'New Lows Are Just A Matter Of Time'

Cryptocurrency giant Bitcoin (CRYPTO: BTC) closed on a positive note on Saturday at $21,166.06. At the time of writing, it was trading at $21,519, down close to 12% in the last seven days. Pseudonymous crypto analyst Capo, back on Aug. 16, anticipated the downward move, is now warning that "new lows are just a matter of time." 

What Happened: Capo forecasted that BTC would crash below $23,000, and he's now considering the impact on the crypto market. 

In a Twitter post, he said it’s just a matter of time and Bitcoin would fall to new lows soon. 

$BTC

Second option playing out. Any test of 23500 as resistance is a good sell opportunity.

Consolidation below 22500 (clean break + use the level as resistance) would be very bearish = 21k or lower

New lows are just a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW

— il Capo Of Crypto (@CryptoCapo_) August 19, 2022

According to him, the crypto asset has taken the bearish option, by dropping to the $21,000 level. 

Also Read: This Billionaire Says One Factor Makes Bitcoin Superior To Gold: Here's What It Is

Capo added 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.

Option for the 23500 test as resistance. pic.twitter.com/SjWNxOSVcn

— il Capo Of Crypto (@CryptoCapo_) August 19, 2022

Capo predicted that $23,500 would strongly resist pushing Bitcoin towards the $20,000 key area.

Earlier in March, Capo predicted that the apex crypto would fall under $23,000. Bitcoin ended up hitting a 2022 low of under $18,000 in June.