Crypto Analyst Capo Projects Bitcoin Fall To $21-$22K Levels, If $30K Support Fails

According to a top crypto analyst and trader, known as Capo, Bitcoin (BTC) bulls might be in trouble in the near term as the latest market wide correction looks like a bull trap.

The analyst shared with his 244K followers on Twitter that Bitcoin’s next support level at $30,000 looks quite weak, and if it breaks BTC could go down close to $20,000 levels.

“So after $40k, next support and pivot level is $30k, but that support has been tested many times and it’s weak, so if we see a dump to that level, I don’t think it will hold. Below $30,000 it goes to $21,000-$23,000.”

So after 40k, next support and pivot level is 30k, but that support has been tested many times and it's weak, so if we see a dump to that level I don't think it will hold.

Below 30k it goes to 21k-23k.

— il Capo Of Crypto (@CryptoCapo_) February 21, 2022

The analyst issues a warning to traders that Bitcoin’s latest price volatility could turn out to be a bull trap.

“Price up + OI (open interest) down during a downtrend = bull trap. Be careful.”

Price up + OI down during a downtrend = bull trap

Be careful.

— il Capo Of Crypto (@CryptoCapo_) February 21, 2022

Despite bulls fighting to defend the current price levels, Capo projects a new sell-off down to $30,000 level coming soon.

“Supply very strong again. Bears are pushing hard.

Bulls trying their best but supply is very strong. Hard to see it going $39k.

Dump incoming soon IMO (in my opinion).”

Bulls trying their best but supply is very strong. Hard to see it going above 39k.

Dump incoming soon imo. pic.twitter.com/n48Lp5XAjf

— il Capo Of Crypto (@CryptoCapo_) February 22, 2022

At the time of writing, Bitcoin is trading at $38,102, down 13.5% on the weekly time frame.