Crypto Analyst Capo Predicts Further Downside For BTC And ADA

According to a popular cryptocurrency analyst, known as Capo, Bitcoin (BTC) and Cardano (ADA) are facing sizable downside risks at the moment.

Bitcoin (BTC)

Capo shared with his 248.7K followers on Twitter that Bitcoin is a lot of ‘fake pumps’, which seems to be leading to the end of consolidation.

“The bulls turned euphoric yesterday with another fake pump (short squeeze) that didn’t even break $40,000. Pumps are getting weaker and weaker, and this consolidation is coming to an end.”

The bulls turned euphoric yesterday with another fake pump (short squeeze) that didn't even break 40k. Pumps are getting weaker and weaker, and this consolidation is coming to an end.

— il Capo Of Crypto (@CryptoCapo_) March 15, 2022

The analyst says that Bitcoin is signaling false signs known as bull traps, which are likely to be followed by a price drop.

“All I see is bull traps. This one is probably the last one above $40,000.”

All I see is bull traps. This one is probably the last one above 40k.

— il Capo Of Crypto (@CryptoCapo_) March 16, 2022

At the time of writing, BTC is trading at $40,544, down 1.5% on the daily time frame.

Few days ago, Capo projected that his more likely scenario will take BTC down to $21K-23K.

Good morning.

Checking the lower timeframes, it seems like $BTC is doing 1-2 1-2 to the downside. This means that the wave 3 will be extended, and the target of 21k-23k is more likely now. Also, heatmaps are showing supply here.

This week should be key. Expect volatility. pic.twitter.com/7Y2gG4d8hj

— il Capo Of Crypto (@CryptoCapo_) March 14, 2022

Cardano (ADA)

Looking into Cardano ADA, Capo notes that that ADA is displaying even “more weakness than expected.”

The analyst draws an updated chart where he lowered his earlier support levels from $0.45-$0.50 to $0.38-$0.40.

“Next support moved down from $0.45-$0.50 to $0.38-$0.40, since it’s showing even more weakness than expected.”

$ADA main analysis update

Next support moved down from 0.45-0.50 to 0.38-0.40, since it's showing even more weakness than expected. pic.twitter.com/3ivWlKUcbH

— il Capo Of Crypto (@CryptoCapo_) March 15, 2022

At the time of writing, ADA is trading at $0.8347, down 0.62% on the daily chart.