Crypto Analyst Capo Projects Further Downside For Bitcoin And Altcoins
According to crypto analyst, known as Capo, Bitcoin (BTC) will see further downside, and unveils his bottom target price for the leading crypto asset.
Bitcoin (BTC)
Capo, who predicted the latest Bitcoin (BTC) crash, shared with his 320.9K followers on Twitter that he projects Bitcoin to dip lower as it falls below the key support level.
“Some of the reasons why I think we should see new lows in the coming days:
BTC broke the $30,000 support zone, which was the main pivot of the bull run. This is a zone, not a level. It’s between $29,000-$31,000, taking all the wicks. Now it’s testing that zone as resistance.”
$BTC – Some of the reasons why I think we should see new lows in the coming days
1) BTC broke the 30k support zone, which was the main pivot of the bull run. This is a zone, not a level. It's between 29k-31k, taking all the wicks. Now it's testing that zone as resistance. https://t.co/P5iXv6ETZs
According to Capo, Bitcoin could fall as low as $21,000 before reversing the trend. At time of writing, BTC trades at $29,211, down 1.4% on the daily chart.
Altcoins
Looking into altcoins, the analyst has similar outlook. He predicts most altcoins to fall by another 40% to 50% in the next coming days.
“The minimum target of the bear flag hasn’t been reached yet ($23,000). You can also see this on altcoins, where some of the main targets haven’t been reached yet.”
According to Capo, most cryptocurrencies will bounce back after finding the lows, but he does not have a positive outlook that the bear market will be ending anytime soon. He recently commented that altcoins may not see new all-time highs until after the next Bitcoin halving in 2024.
“I expect a good recovery after this last leg down (100-500% bounces depending on the coin), but later this year we could see the continuation of the bear market. Not expecting new ATHs until mid-late 2024 (post next halving).”
No. I expect a good recovery after this last leg down (100-500% bounces depending on the coin), but later this year we could see the continuation of the bear market. Not expecting new ATHs until mid-late 2024 (post next halving) https://t.co/U7lfFPmSqN
