As Bitcoin (BTC) approaches $40,000, analysts are looking for the next critical resistance levels. Twitter analyst Capo shared that he expects a correction to around $30,000 before higher levels. We also share the analyst’s shares cryptocoin.com compiled for our readers.
“Bitcoin may withdraw to $30,000”
Capo, who has 239,000 followers, says a “final capitulation” may be imminent for Bitcoin (BTC) and Ethereum (ETH) at first. The mysterious analyst says that although Bitcoin showed some resilience last week, a recent downside move below $30,000 remains grounded. According to Capo, BTC is likely to drop below $30,000 for a short time, but traders should be prepared for much lower lows. Pointing to these levels in his previous analysis, Capo refers to the March 2020 capitulation, which most BTC bulls underestimate the collapse:
It will be the final capitulation candle in BTC. The main scenario remains between $28,000 – $30,000, but we can expect the wick to drop further if there are enough liquidations. There must be attention. I am ready for everything.
As the bullish sentiment for Bitcoin (BTC) returns to the market, the crypto analyst says he’s preparing for the worst and is mapping out a potential drop below $20,000. The chart below shows the Bitcoin correction stretching to $18,000.
Analyst identifies critical levels for BTC bulls
Capo also points out a few factors that could make it harder for the bulls to reverse the trend of Bitcoin:
Because SPX (S&P500) looks very bad, DXY (US dollar index) is up and bulls think it’s bottom and they think we’re going to $50k in two days.
Finally, Capo looks at Ethereum, saying that ETH will only be ready for a bounce once it reaches the $1,800 level:
The next target after rejection from strong resistance is $1,800. I expect a bounce from there.
- This is more than 31% off current prices at the time of writing.
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