Bitcoin Analyst Says “Free Way to $23,000” Amid BTC Crash

  • Bitcoin price crashed once more below $20,000.
  • Regardless, Crypto Capo argues that BTC will have a “free way” to $23,000.
  • Throughout August, BTC has been forming a Rising Wedge pattern.

Bitcoin has crashed once more below $20,000 amid FUD concerning regulations and political tensions. At the time of writing, Bitcoin price is at $19,805.36, according to CoinGecko.

Despite this, Crypto Capo, a renowned crypto trader, believes that BTC will reclaim its $20,100 position soon. What is more, he claims that BTC will have a “free way” until $23,000.

His post received mixed reactions from the crypto space. Notably, many disapproved of his call. On the other hand, one person claimed that he is the Greatest Of All Time (GOAT).

For those who are not familiar with Crypto Capo, he is the one who kept claiming that BTC will dump hard even when the chief asset was still enjoying a relatively higher position at $45,000. Earlier this year, he claimed that he sold all of his BTC because of his bearish belief.

Things have taken an interesting turn, however, as he is now claiming that BTC will recover its price soon. Whether he gets proven correct or otherwise remains to be seen, as BTC fell to as low as $19,700 today (August 30).

BTC/USDT 1-day chart (source: TradingView)

As seen on the chart above, BTC has formed a Rising Wedge pattern throughout the month of August. This is a bearish signal that indicates an abrupt shift in trend. Fortunately, the $19,000 support level appears to be holding on, which may prevent BTC from sinking to as low as $17,000.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.