Bitcoin’s continued failure above $40,000 is forcing crypto analysts to find the next support levels. A Twitter analyst, known as the altcoin seer, has identified bottoms for Phantom and Bitcoin in his current analysis.
Altcoin prophet raises bearish expectation on Bitcoin
Bitcoin (BTC) and smart contract platform Fantom face serious downside risks (FTM), according to a prominent crypto analyst and investor. The Twitter analyst, nicknamed Capo, tells his 247,700 Twitter followers, starting with Bitcoin, that although Bitcoin briefly rallied above the $40,000 level, its negative structure remains intact:
BTC. Despite the price increase of over $40,000, it remains between $33,000 and $45,000. The bear structure is still intact. Main resistance levels: $45,000 – $46,000. Main target: Main target is $21,000 – $23,000.
At the time of writing, Bitcoin was trading below $39,000. BTC could lose more than 40% of its value if it moves to Capo’s main target.
Analyst shares a historic level of support
When measured from the bottom of the 2018 bear market to the high of the 2021 bull market, Capo’s downside target of about $23,000 for Bitcoin corresponds to the 38.20% Fibonacci level. The analyst then comments on historical retracement levels for BTC:
(Bitcoin chart above) Wave C is 1:1 of wave A here, reflecting a 38.20% retracement from 2018 lows ($3,200) to 2021 highs ($69,000).
Phantom will be decisive for these levels
Next up, we turn to Fantom, a scalable Blockchain with smart contracts. As long as the cryptocurrency trades below $2, Capo sees a bleak outlook for FTM in the months ahead.
This is an FTM update. Goals are set. The first target is $0.60. (splash expected from there). Target two: $0.20 (only if $2 level is not retracted).
cryptocoin.com As we have reported, the announcement of DeFi developer Andre Cronje’s departure from the industry had a negative impact on the prices of Yearn.Finance (YFI), Solidly (SOLID) and Phantom (FTM). FTM is trading in the $1.20 region after losing the critical support of $1.4 following this news. The next support levels are $0.60 followed by $0.20, according to Capo.
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