The popular crypto analyst, who accurately predicted the current market decline, warned investors that Bitcoin (BTC) would fall further.
The trader, known by the alias Capo, told his 409,300 Twitter followers that he saw no signs of BTC reaching a cycle bottom of around $20,000. told.
“Based on what you read on Twitter, you might think the market is recovering very well. But the graphs show:
BTC price is below $21,000. Lower highs everywhere (lower high than before). There are hidden bearish divergences (negative divergence) everywhere. No bottom formation.
I’m not buying yet.”
Capo in March bitcoin warned that its price would fall 50% from the $44,000 price level.
Koinfinans.com As we reported, the trader said after his statement above that he expects bottoming to be reached soon, although he predicts lower Bitcoin prices.
“This is important. Do I expect a new low and new lows? Yes. Is it worth opening a short position here? No.
The bottom hasn’t come yet, but it’s close [bence]. The time to open a short position was a few weeks ago, not now. Now is the time to get ready to buy once the next drop is over.”
Capo also shared a chart that assumes a correction below $16,000 is “still in play” for Bitcoin.
As we previously reported, the analyst also explained his thoughts on the altcoin market, apart from Bitcoin. Capo shared a chart of SUSHI, the management token of decentralized exchange SushiSwap, saying it represents his feelings about altcoins. The analyst predicts that altcoins will eventually move up, but adds that it will happen after prices drop a little more in the near term.
“One thing is pretty clear: many altcoins are bearish. When parabolas break, it causes major corrections (in this case upwards). The parabolas aren’t finished yet, but they’re almost done.”
You can check the price movements here.
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.