The Bitcoin (BTC) analyst, who correctly predicted the cryptocurrency’s recent market crash, has re-emphasized an old warning of new lows to come.
The trader, known by the alias Capo, announced on August 2 that he had 475,000 Twitter followers that the Bitcoin price will bounce into the $25,000 area before falling to new lows. had warned.
“$25,000-25,500, then new lows.”
Capo believes that new lows for BTC are closer than ever, with the Bitcoin price reaching as high as $24,750 in the last 24 hours.
“Almost close.”
almost there. https://t.co/oJFpD5BVz9 pic.twitter.com/2pjpUgw85T
— il Capo Of Crypto (@CryptoCapo_) August 11, 2022
More specifically, the trader states that the Bitcoin price is about to drop to the $16,000 region and that BTC will depreciate by about a third from current prices. thinks.
“Bitcoin
The volume is decreasing. […] Most people expect $28,000 or more, but the big tier is $25,000-25,500. ”
The trader then elaborated in the comments:
“’Inflation has dropped, bull market is back, Merge, mainnets…’ Crypto trading is a risk-free wonderland.
Let me tell you: this is a bear market rally. Don’t be blind. If you’ve made some profit, congratulations. But now is the time to start protecting them again. Last move up, then down.”
The trader recently updated his Twitter followers again and warned that a drop for Bitcoin is imminent.
“A final push to smash early shorts.”
Again, the trader detailed his Bitcoin analysis in the comments, saying:
“Rising as fast as $25,000-25,500 destroys early shorts and traps longs who expect $28,000 or higher. Then back to new lows.”
You can follow the current price action 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.