Famous crypto analyst and trader Crypto Capo sent shock waves to investors with his Bitcoin prediction of $12,000. On the contrary, historical data suggests bullish for BTC for a while, according to different analysts.
Crypto Capo talks about the risk of Bitcoin falling to $12,000
@CryptoCapo_ on Twitter said in their latest analysis that the Bitcoin price could still fall as low as $12,000. Stating that he has received harsh criticism recently, Capo clarifies that he did not take a short position in BTC during the week’s crypto rally. However, he suggested that the market is being manipulated with stablecoins such as BUSD, UDSC and TUSD. According to Capo, one of the main factors will be market manipulation, with Bitcoin falling as low as $12,000.
Capo also took the opportunity to remind us that Bitcoin has successfully predicted the $21-$23k and $16,000 lows in the past. The crypto analyst says that the leading crypto is still trading below the critical resistance line he used in his predictions. Therefore, he predicts that the accumulation phase continues and Bitcoin will drop to $12,000 and Ethereum (ETH) to $500-700.
Different analysts say that the rise will continue for another 32 days
While Capo expects bearish in the long term, historical data shows that the next 32 days will be green for BTC. Accordingly, the BTC price has experienced three significant increases in a matter of days, since its year low of $15.4k in November 2022.
The initial rise took the price to a critical horizontal resistance level of $21.3k on February 14, 2023. The second spike brought the price to another key horizontal resistance at $25.2k on March 14. What these two spikes have in common is that instead of rejecting and then falling sharply, the BTC price consolidated just below the resistance level for a few days (shown by green ellipses) and continued to rise for another 32 days after the breakout.
Recently, a similar pattern is emerging as BTC has surged by over 20% in a matter of days. If history repeats itself, there is a possibility that the BTC price will rise above this zone and continue to rise for another 32 days. Assuming prices rise above this zone tomorrow, it could potentially rise by July 25, 2023.
It gives a bullish signal on the weekly chart
The weekly chart shows that the BTC price has gradually risen since $15.4k. Notably, BTC price broke above the critical $25.2k resistance level. It then confirmed this level as support during the week of June 12-19. This indicates that the previous downtrend has ended. It is also interpreted as an extremely bullish signal, indicating that BTC has entered a new bull cycle.
As a result, these fluctuations first reveal targets at $35,000 in BTC price. After this level, the bulls will potentially gather strength again for $41,000. cryptocoin.com You can take a look at the short-term price targets of other analysts in this article.
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