It has been more than 60 days since the Bitcoin price consolidated below $25,000 looking out for an opportunity for a breakout. The recent spike close to $25,000 was believed to be the revival of a bullish trend as the path towards $30,000 appeared pretty clear.
However, the recent price slide lowered the asset, hurting sentiments from traders, who now believe the July lows could be revisited.
While the entire crypto space was somewhat bullish on BTC price, a popular analyst il Capo of Crypto always warned his 483.6K followers about the upcoming dump. While the plunge has substantiated the claim, the analyst believes the Bitcoin bottom is yet to be reached.
As seen in the chart, the asset has broken above the trend line and hence is believed to have moved into a bearish well. However, the analyst believes that the price could move higher above $22,500 or $23,500, after which a significant decline could drag it towards the main target of $16,000.
However, the support at $19,000 is expected to hold the asset firmly, or else the drop to the lower levels may be imminent.
Collectively, BTC price is on the verge of a notable price drain as a bearish flag could eventually pull the price down from current levels of $20,000 initially at $21,253.
