An analyst who predicted the 2022 Bitcoin crash is warning crypto investors again. The leader says a capitulation event is imminent for crypto.
Capo warns again about Bitcoin
The crypto analyst known for his accurate predictions says that Bitcoin is still showing signs of weakness. Prior to that, Bitcoin had some opportunity to recover from the current bear market low at $15,700. Capo, on the other hand, says that this recovery is insufficient. The crypto analyst says that BTC has been significantly weaker than its previous fluctuations since June, with this weakness pointing below $15,000:
Every leap gets smaller. Support turns into resistance. $12,000 acts as a magnet.
Bitcoin (BTC) spent time below the 17,000 resistance in December. It is currently trading around $16,800. Capo’s estimate of $12,000 would represent a 28% drop for BTC. Capo also says that investors are unprepared for this sharp decline:
Read the reviews here and you’ll get a second confirmation that most people are stuck above $17,000 and can’t handle another drop. As I mentioned earlier, most people are unprepared for collapse.
Why now?
Capo bases his timing on recent events in the market. He says the current crypto and exchange environment creates “the perfect scenario for a viable capitulation”:
The stock market is bleeding, altcoins are breaking key supports, indicators are pointing down and bulls are getting zealous and smug for small gains.
Capo believes the S&P 500 (SPX) is still in a downtrend after breaking the diagonal resistance. Investors monitor the performance of SPX while watching the crypto market. Because a weak index indicates that investors are still wary of risky assets like stocks and cryptocurrencies. Capo also asked, “What would a proper capitulation look like?” He answered the question with the graph below.
Bitcoin halving, the only catalyst in the long run
Since the peak of November, the crypto market has been hit by a series of high-profile bankruptcies throughout 2022. Terra and the FTX crash were the main developments that extended the crypto winter to the end of the year. cryptocoin.com We have included the broad summary of the year and the price predictions for 2023 in this article. While BTC lacks any development it needs for the bull market for now, the next halving date of March 2024 keeps hopes fresh.
Currently, less than 500 days are left until the next BTC halving cycle. This period marks a point where historically Bitcoin has rebounded from lows.
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