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Bitcoin BTC/USD closed around $20,000 on Saturday and on Sunday the cryptocurrency fell 1.55% to $19,708. BTC is down 58.9% from the year high of $48,234 on March 28.

Macro warnings from Goldman Sachs and the Fed’s approach to higher interest rates have played a significant role in determining Bitcoin’s price trends.

What happened: The Pseudonymous Crypto Analyst capo predicted that the overall cryptocurrency market will experience a downturn and specifically mentioned the Bitcoin crash this year.

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

He said that BTC was able to maintain a local low due to declining sales volume.

According to him, the short-term prediction of an impending Bitcoin rally looks good, which will be followed by a sharp correction after the cryptocurrency encounters resistance at $23,000.

Earlier in August, Capo predicted that Bitcoin would soon fall to new lows.

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