A popular crypto analyst and trader thinks that Bitcoin (BTC) is poised for another price drop before it goes up again.
The analyst, known under the pseudonym Capo, bitcoinHe says he thinks . However, Capo also believes that the bull market will officially end if Bitcoin consolidates below $30,000.
“If it consolidates below $30,000, it’s over. Consolidation means clean high time frame below this level or a break + return from support to resistance.
Right now I’m betting on a bounce from there after a candle under $30,000.”
Looking at the analyst’s graph, bitcoin priceIt appears to follow the market structure of the S&P500 from 1999 to 2009 in the two-week timeframe. If BTC follows this scenario, a move below $30,000 would put Bitcoin in a position to soar to all-time highs.
Analyst, Binance futures tradingHe notes that neither too much supply has been added, adding to the belief that Bitcoin could drop below $30,000.
“They added a lot of supply to Binance futures… I think it comes in under $30,000.”
Capo says that 80% of his portfolio is currently in the dollar-pegged stablecoin Tether (USDT). He believes the prediction below $30,000 will invalidate if Bitcoin consolidates above $41,000.
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.