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

© Reuters. Bitcoin Breaks Below $20,000: Analyst Say ‘Panic Could Be Massive,’ Predicts Lower Price Target

On Saturday, (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.

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

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.

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.

© 2022 Benzinga does not provide investment advice. All rights reserved.

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