Bitcoin Price: 'New Lows Are Just A Matter Of Time,' Says Crypto Analyst

The price of the world's largest cryptocurrency by market capitalization, Bitcoin (BTC), nosedived from $47,345.22 on Jan. 1 to just $21,166.06 last Saturday, but according to a crypto analyst, it's only a matter of time before BTC holders would see "new lows."

The crypto analyst, who goes by the Twitter handle CryptoCapo_, said in a series of tweets last week, "New lows are just a matter of time," while referring to Bitcoin.

He forecasted Bitcoin would crash below $23,000, and provided an analysis of this downturn's impact on the entire crypto market.

According to him, BTC entered the bearish space when it dropped to the $21,000 price level. He added the world's largest cryptocurrency by market cap is on the fifth wave of the primary downward trend, but could still correct if it forms a three-wave pattern to the $23,500 price level.

The crypto analyst and his predictions gained traction online when he predicted Bitcoin would plummet under $23,000, which was eventually proven accurate when the crypto asset traded under $18,000 in June.

While the analyst has some not-so-good analysis and forecasts on BTC's price, Anthony Scaramucci, the short-lived White House director of communications during former U.S. President Donald Trump's administration and now the managing partner of the New York-base hedge fund SkyBridge Capital, made a bold prediction on Bitcoin's price.

"In the next six years, if we are right, if bitcoin goes to $300,000 a coin, it will not matter whether you bought it at $20,000 or $60,000," Scaramucci said in an interview with CNBC. He also said it is his way of "cautioning people, the future is upon us. It's happening sooner than I thought."

Despite the current market downturn, Scaramucci noted he is still "pretty optimistic" about Bitcoin and Ethereum for the next 12 to 24 months.

"You are going to see a lot more commercial activities there," he noted, referring to "the improvement of [bitcoin's] lightning network, the increase in applications, and ease of transactions on bitcoin."

As of 3:22 a.m. ET on Monday, BTC was trading up 0.37% at $21,252.03 with a 24-hour volume of $23,488,579,294, based on the latest data from CoinMarketCap.