Bitcoin is presently trading at August’s lowest levels. Following a few weeks of persistent appreciation, the first-born cryptocurrency has been subjected to furious market rejection.
As BTC declines more, market experts have disseminated their views on the market’s trajectory. Among them is a notable market analyst who forecasts very unfavourable moves for the asset.
iI Capo of Crypto, a prominent crypto analyst and skilled swing trader, has once again weighed in on BTC. Following Friday’s abrupt decline from the $22,500 support, iI Capo of Crypto predicts a further decline. According to the expert, his primary BTC price objective is $16,000.
Importantly, the last time Bitcoin crossed the $16,000 threshold was in December 2020. Since capturing the zone at the height of the epidemic, the asset has not returned. Bitcoin came closest to hitting $16,000 in mid-June when the current Crypto Winter was at its most severe. On June 18, Bitcoin fell below $17,708 for the first time in two years.
The current bear market has already accompanied a two-year low. At a time when analysts believe the bottom has already been reached, iI Capo of Crypto anticipates further declines. He believes a price of $16,000 is “very probable” in the next weeks. This injects further uncertainty into the market at a time when Funding Rate is already dominated by bearish sentiment.
Moreover, iI Capo of Crypto expects critical levels of resistance between $22,500 and $23,500. He urged investors to see these levels as good selling opportunities. In addition, he indicated a $19,000 support level. However, he said that a breach of the $19,000 support level would be a negative indicator of additional declines.
Also Read: J. Belfort of ‘Wolf of Wall Street acknowledges he was incorrect about Bitcoin’s demise
