An analyst and trader who is frequently on the agenda with his predictions, Bitcoin (BTC) He warned holders and stated that BTC is close to reaching a new ‘low’ over the 52-week period.
The analyst, known under the pseudonym Capo, shared on Twitter that while signs of weakness in the crypto markets continue, a new selling pressure may occur in Bitcoin.
“Almost the entire market except BTC has made a new low after yesterday’s bounce, showing that it is actually a bull trap. A new low is on the way for Bitcoin price as well.”
In the past seven days, Bitcoin has traded pretty close to a 52-week low of $26,910 and is hovering around $28,400. However, Capo BTC price He warned that the support area around $28,000 is showing signs of demand exhaustion as it revisits the level six times in a short time.
“There is nothing rising here. This support will not last long.”
Capo predicts a sharp drop in his ‘bear market’ target of $21,000-23,000 after Bitcoin receives immediate support.
Earlier this month, Capo, who correctly predicted that Bitcoin would not be able to hold the key psychological price level of $30,000, also explained his thesis on why he believes BTC will likely drop to a new year low.
“Some of the reasons I think we should see new dips in Bitcoin in the coming days include:
BTC broke the $30,000 support zone, which is the main axis of the bull run. This is a region and does not represent a clear level. It costs between $29,000-31,000 to cover all candles. We are now testing that area for resistance.”
Capo also thinks that Bitcoin price is currently moving towards a bear market target. The low level target in this market is located at $23,000 and it has not been reached yet.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.