Crypto Capo, an analyst who draws attention with his bearish predictions for Bitcoin, made important statements on his Telegram channel today. By looking at BTC price movement, the analyst says what will happen in the coming scenarios. What makes the analyst’s comments noteworthy is undoubtedly that he maintains his bearish expectations. However, this expectation has not yet been realized. Despite this, let’s look at the analyst’s comments about what he expects.
An important break for Bitcoin
Bitcoin (BTC) has recently undergone a significant shift in price action. It managed to cleanly break the resistance zone between $29,000 and $31,000, marking a significant development in the cryptocurrency’s journey. However, BTC is currently facing a critical decision point as it is hovering around the $35,000 resistance level. The next moves will potentially determine its path in the near future.
There are two possible scenarios for Bitcoin at this point, according to Crypto Capo. According to the analyst, the first possibility is retest and fluctuation. One possibility is that BTC will retest the recently breached level that is currently acting as support and continue its rise. This scenario will indicate that the breakout is real. It will also lead to further price increases.
What’s the other possibility?
According to the analyst, the other possibility is in the form of a deviation confirmation. Accordingly, the cryptocurrency Bitcoin will reverse and fall below the support level. This could confirm a false breakout or divergence. In such a case, it will be seen that the recent rise is not sustainable. Additionally, it is thought that there may be a downward trend.
Several factors contribute to the uncertainty surrounding Bitcoin BTC’s next move. US Dollar Index (DXY) continues to strengthen. On the other hand, according to the analyst, S&P 500 (SPX) continues to remain in a downward position. Most altcoins have yet to break key resistance levels, despite some recent recoveries. It also failed to switch from a downtrend to an uptrend.
What does the landscape show?
Faced with this view, many traders refrain from opening new positions in the current environment, according to analysts. Accordingly, he prefers to take a cautious stance. Instead, they are closely monitoring Bitcoin BTC’s behavior to gain insight into the cryptocurrency’s future trajectory. In this variable and dynamic market, patience and caution are paramount. As Kriptokoin.com, the crypto world is eagerly waiting for the next developments. Moreover, as the analyst points out, Bitcoin’s reaction to the critical resistance at $ 35,000 will undoubtedly be an important indicator of future developments.
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