Bitcoin at $16k? Notable analyst says outcome ‘highly likely’ in coming weeks ⋆ ZyCrypto

BTC is currently trading at its August lows. After a few weeks of a sustained rally, the first-born crypto has faced a wild rejection along with the rest of the markets.

As BTC continues to fall, analysts in the space have been voicing their opinions on the market’s direction. Among them is a prominent market watcher who predicts extremely bearish moves for the asset.

BTC to $16k “very likely for the coming weeks”

Once again, renowned cryptoanalyst and skilled swing trader, iI Capo of Crypto has chipped in his opinion for BTC. After the sudden crash from the $22.5k support on Friday, iI Capo of Crypto predicts a further decline. According to the analyst, his main target for BTC is $16k.

It is important to note that the last time Bitcoin saw the $16k mark was in December 2020. Since conquering it in the heat of the pandemic, the asset has not revisited the zone. The closest Bitcoin came to retouching the $16k price was in mid-June when the current Crypto Winter was at its worst. BTC fell to $17,708 on June 18 for the first time in 2 years.

The current bear market has already brought with it a two-year low. At a time when analysts believe that the bottom is already in, iI Capo from Crypto believes more lows may be coming. He believes a price of $16k is “very likely in the coming weeks.” This pumps more uncertainty into the space in a period where the Funding Rate is already seeing dominant short sentiments.

Analyst Michaël van de Poppe believes it is time to buy Bitcoin

Furthermore, iI Capo of Crypto sees important resistance levels at $22,500 and $23,500. He advised investors to take these levels as a good selling opportunity. Additionally, he mentioned a support level of $19,000. However, he said that it would be a bearish confirmation for further declines if BTC hits the $19k support.

On the other hand, analyst Michaël van de Poppe advises investors to buy BTC now. In a recent tweet, the CEO of Eight Global noted that the Hash Ribbon indicator provides a buy signal. “Now is the time to start building your investments,” he said.

At the time of writing, BTC is currently valued at $20,043, having lost 7% of its value in the past week. BTC has already reached the level below $20ki today. Even if it experienced a quick recovery, the asset could find itself heading back there. The FGI has dipped below 30 after seeing a promising reading of 46 on August 13.