Crypto Analyst Capo Unveils His Bottom Target For Bitcoin (BTC)
A popular crypto analyst and trader, known as Capo issues warning to Bitcoin holders that BTC could be on its way to hit a new 52-week low.
The analyst shared with his 323.3K followers on Twitter Bitcoin is looking at another sell-off event, as the wider crypto market continue to signal weakness.
“Almost the entire market except BTC has made a new low after yesterday’s bounce, showing that it was in fact a bull trap. BTC new low incoming.”
Good morning.
Almost the entire market except $BTC has made a new low after yesterday's bounce, showing that it was in fact a bull trap. BTC new low incoming. https://t.co/eNPvmdy4Ok
Over the past week, BTC has been able float above $28,400, little bit higher than its 52-week low of $26,910. The trader alerts that the support area around $28,000 is showing signs of exhausted demand as Bitcoin has revisited the price level six times in a short period of time.
Once Bitcoin loses its immediate support, Capo projects a sharp drop to his bear market target at $21,000-$23,000.
“Nothing bullish here. That support won’t hold for long.
Earlier this month, the analyst correctly called that Bitcoin can’t hold the key psychological price level of $30,000 and shared his theory on why believes BTC is likely going to hit a new yearly low.
“BTC – 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.”
The analyst also noted that Bitcoin has broken down from a bear flag and is now on the way towards his bear market target.
“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.”
2) The minimum target of the bear flag hasn't been reached yet (23k). You can also see this on altcoins, where some of the main targets haven't been reached yet.https://t.co/nzS96eTWBHpic.twitter.com/UH33kl973w
