Crypto Analyst Capo Projects Bitcoin To Dip Below $30K Before Recovery
According to a prominent crypto market analyst, known as Capo, Bitcoin (BTC) could see another price correction before moving to higher levels.
The analyst shared with his 237.3K followers on Twitter that Bitcoin is likely to make a brief visit below $30,000 before staring to ascend. But, if Bitcoin stays below $30,000 for a longer time frame, it marks the end of the bull market.
At the time of writing BTC is trading at $36,937 with 2% profits on the daily frame.
“IF it consolidates below $30,000, it’s over. Consolidation means clean high timeframe close below this level, or a break + flip from support to resistance.
Right now I bet for a bounce from there, after a wick below $30,000.”
Main scenario remain this.
IF it consolidates below 30k, it's over. Consolidation means clean htf close below this level, or a break + flip from support to resistance.
The analyst compares Bitcoin’s chart to S&P500, as it seems that Bitcoin is following the market structure of the S&P500 from 1999 to 2009.
If BTC will follow the S&P500 chart, a move below $30,000 would place Bitcoin in a position to rally to new all-time highs.
Capo highlights that a lot of supply has been added on Binance futures, which is an indicator that BTC is likely going to sink under $30,000, he opines.
“They just added a lot of supply on Binance futures… sub $30,000 incoming in my opinion.”
