With a bearish weekly close and a bearish start to the week, it was anticipated that the price of Bitcoin would soon drop to extreme lows. Now that there has been a significant upswing, the price targets have been renewed toward the north. The BTC price is still covered by bearish clouds, which could cause a sharp decline in the price in the near future.
As the market capitalization is getting close to $1 trillion, the cryptocurrency industry currently appears to have somewhat recovered. Sadly, these levels might not last for very long because it is predicted that the price of Bitcoin will decline significantly over the next few days.
Capo, a well-known analyst who foresaw the BTC price recovery, now forecasts a significant asset dump that will happen very soon.
The analyst foresaw the current upswing a few days ago when BTC prices were trading inside of a symmetrical triangle. The prices are expected to peak between $20,500 and $21,000, after which they could experience a sharp decline to lows between $14,000 and $16,000 over the next few weeks.
The BTC price is currently trading above the resistance at $19,600 and is trying to secure levels above $20,400 as soon as possible. However, the star cryptocurrency might make an attempt to climb above the crucial resistance at $21,100, after which a healthy uptrend towards the previous highs at $22,500 may be about to begin.
In contrast, a retest of $18,500 is still possible and could invalidate the bullish trajectory for the price of Bitcoin (BTC).
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