Bitcoin (BTC) had crashed by as much as 50 percent while trading above $40,000 in March. One analyst correctly predicted this. Capo Crypto, which stands out with its predictions, warned of new declines. Here are the details…
Analyst issues bearish warning for Bitcoin market
A popular analyst and trader, who correctly predicted the sharp drop in BTC, as we reported on cryptokoin.com, now warns of new crypto market drops. Anonymous crypto analyst Capo tells his 535,000 Twitter followers that a major “capitulation” could happen once the short crypto bounce ends. The analyst uses the following statements:
Once this bounce is over, be sure to protect your capital. Because the crash can be epic. Big bearish pattern awaits you.
Analyst pointed to 2 possibilities
The entire crypto market cap hit a two-month low of around $940 billion last week. It has now increased by about 4% to $975 billion. Capo says two scenarios can happen in Bitcoin. Both of these mark Bitcoin’s roughly 30 percent drop from current levels. Bitcoin is changing hands at $19,581, with a 1.3 percent rise at the time of writing. He explained the two possibilities in BTC with the following sentences:
- $20,000 to $20,500 fast pump followed by nuclear bomb.
- A clean break of the $18,400 – $18,700 support and direct decline to the main target.
- Both possibilities point to the same target between $14,000 and $16,000.
So the popular crypto analyst points to the above chart pattern in BTC. This pattern is in the process of completing the bearish trend pattern that began when the leading cryptocurrency briefly plunged below $18,000 for the first time in June 2022.
Analyst’s previous predictions
As we have reported before, Crypto Capo stood out with its various predictions. The analyst previously predicted that Bitcoin would hit a 22-month low. In other words, he said that BTC could return to $ 16,000. The analyst correctly predicted the price declines in the past periods. Capo correctly predicted the drop to $50,000 in BTC last year. More than 2 years ago, in 2020, he correctly predicted the $3,500 level in the price of BTC.
Meanwhile, BTC is trying to surpass $20,000. Bitcoin, the leading cryptocurrency with a market capitalization of $375 billion, has changed less than 1% in the last 7 and 14 days. On the other hand, almost 11 months have passed since the cryptocurrency’s record level of $69,000.
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