With inflation data from the USA cryptocurrency markets continue to fluctuate. Crypto phenomenon with half a million followers on Twitter capoafter recent price movements bitcoin He shared his price prediction with his followers.
The phenomenon, which predicts the bearish market at the end of 2021, does not expect a drop in Bitcoin in the short term. But for the medium term, his idea is completely different.
In the first chart he shared, Capo explained that he expects Bitcoin to test the $21,000 level first in the short term.
The famous crypto analyst thinks that the decline in the dollar index and the rise in the S&P 500 index will have a short-term effect on Bitcoin. However, he does not expect Bitcoin to exceed $21,000.
Capo’s medium-term BTC prospects are much more pessimistic. The phenomenon, which shared two graphs side by side from its Twitter account, compared the bear market in 2018 with today.
$BTC in 2018 vs. $BTC now pic.twitter.com/74cHiRGPkm
— il Capo Of Crypto (@CryptoCapo_) October 12, 2022
According to Capo, if Bitcoin moves like it did in 2018, it will test the $21,000 level first. The leading cryptocurrency will decline to $14,000 with a sharp decline after the rise.
Capo thinks that for this analysis to fail, Bitcoin must stay above $21,000.
Looking forward to all markets US inflation The data was released yesterday. Annual inflation in the USA was announced as 8.2%, contrary to the market expectation of 8.1%.
Economists are discussing the possibility of a 100 basis point increase in interest rates at the next meeting of the FED due to the higher-than-expected inflation.
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