Bitcoin (BTC) A crypto strategist and trader who correctly predicted that the price will fall below the $30,000 level for a long time explained that he believes the BTC price has room for further declines.
The analyst, known under the pseudonym Capo, stated in his post on his Twitter account that the free fall in Bitcoin price is not over yet.
Citing massive whale transfers of BTC to crypto exchanges as the main force triggering the current collapse, the trader warned that a significant amount of Ethereum was also sent to crypto exchange FTX.
As for the price prediction for the Bitcoin price, Capo scared him by stating that he believes BTC will fall somewhere between $21,000 and $23,000.
good morning.
Prices are approaching targets. Today could be the day.
— il Capo Of Crypto (@CryptoCapo_) May 12, 2022
Analyst to traders, bitcoin priceHe reminded and warned how BTC fell off a cliff in late 2018 after giving up the $6,000 level and expects a similar fate for BTC to move forward.
“If you remember 2018, you also remember what happened when the $6,000 support was broken.”
At the time of writing, Bitcoin is down 13% in the last 24 hours and is priced at $27,172, which means it has dropped below $30,000 for the first time since July 2021.
Capo ended the discussion by sharing his views on the altcoin STEPN (GMT), which he plans to invest in. According to Capo, if the GMT price continues to decline, there may be an opportunity to buy.
Equipping users with non-refundable token (NFT) sneakers and rewarding them for their real-life steps STEPN (GMT)After its re-launch in March, it initially skyrocketed over 3,500% and rose from $0.11 to $3.97 at the end of April.
GMT has since been falling and is down 38% at the time of writing, with a market cap of $0.94.
Do you think Capo will succeed again in his prediction about Bitcoin price? And if the price forecast holds up, in what direction do you think the market will evolve? Is there hope for BTC or is it just a dream to expect earnings for a while?
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.