Bitcoin, the largest cryptocurrency, has been influencing the crypto space with its recent decline. Bitcoin’s multi-year lows have led some analysts to say that we are now seeing lows. But a closely-followed crypto strategist who accurately predicted Bitcoin’s correction below $30,000 says it’s time for BTC to drop to new 2022 lows. Here are the details…
Crypto Capo expects bottom for Bitcoin
Capo, an anonymous analyst, shared his comments to his 425,900 Twitter followers about Bitcoin not staying above the key psychological price area of $20,000. According to Capo, this indicates another sales event is imminent. The analyst used the following expressions in his post, in which he used short sentences:
The time has come… that’s exactly what’s happening. The support level became resistance. Another bull trap. We saw a strong rejection. We dropped straight to new lows.
Analyst: BTC ready to drop below $17,600
Further detailing the bearish expectation, Capo pointed to $17,600 for BTC. This level, pointed out by Capo, refers to an area as low as $1,500 from BTC’s current $19,100 level. Capo explained that Bitcoin seems poised to drop below its yearly low of $17,600:
BTC: A more accurately predicted roadmap for potential local bottom formation around $16,000.
cryptocoin.com As we reported earlier, based on Capo’s chart, which stood out for his accurate predictions, he expects Bitcoin to briefly correct below $16,000 before starting a sharp rally above $20,000 and retrieving the price level as support. Capo also adds that the expected BTC correction could lead to a massive devaluation in the altcoin markets. He states that his expectation for altcoins is a decrease of 45-50 percent. Capo, who has been on the decline in king crypto since April, when he traded close to $ 50,000, says that he will join the ranks of BTC bulls when the bottom comes. The analyst uses the following statements:
I expect a 45-50 percent drop in altcoins from current prices. I’ve been a bull’s nightmare in Bitcoin, but soon I’ll be a bears’ nightmare.
Latest situation in BTC price
Meanwhile, Bitcoin is changing hands around $19,100, down 0.5 percent in the last 24 hours. The largest cryptocurrency by market cap is in danger of falling to $18,000. Cryptocurrency has lost close to 10 percent in the last 7 days. It has dropped more than 70 percent since November 2021, when it recorded an all-time high. The price movements ahead will determine who wins the battle between analysts who argue that BTC has bottomed out and those who believe that lower levels will be recorded.
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