“New lows a matter of time”
Capo of Crypto has been bearish about the Bitcoin price for some time and is now calling out that new lows are “a matter of time”. The analyst expects that in this way it will not be long before Bitcoin is trading below USD 20,000 again, bringing the panic back to the market completely. Also, Crypto Chase is not exactly optimistic about the current market. “Hopefully this is a quest for liquidity, otherwise it’s over,” said a shady Crypto Chase.
Prior to the decline, Venturefounder also spoke out about a possible price decline. He noted that any Bitcoin price below $23,000 is a “great price to buy for the long term,” adding that the bear market is likely not over yet. Although the Relative Strengt Index (RSI) that is near the all-time low is a sign that Bitcoin is currently oversold.
Exchanges see major spike in outflows
Despite the price drop, the major exchanges are currently seeing a huge spike in outflows. During the first hours of August 19, 21,500 Bitcoin already flowed away from the largest exchange platforms in the world. These are probably people who strike quickly during the relatively low prices to take advantage of the declines.