Predicting the 2022 collapse of the leading crypto Bitcoin (BTC), the analyst says that crypto investors are not prepared for the upcoming market movement. Another analyst, known for his successful forecasts, hints that potential long-term space is approaching in Bitcoin.”
“Bitcoin is bullish in the near term but bearish in the long term”
The analyst, nicknamed Crypto Capo, who accurately predicted the collapse of Bitcoin (BTC), shared his new predictions to his 455,600 Twitter followers. You can see the successful predictions of the analyst in this article of Kriptokoin.com. Capo says that BTC continues its bearish trend. He also notes that most people are “not prepared for the future.”
The analyst examines the charts for a more detailed analysis of where Bitcoin is headed. Capo says that BTC’s short-term price action is bullish. However, he believes traders should walk away. In this context, the analyst makes the following statement:
The near-term trend is bullish. There is no doubt about it. Its long-term trend is still bearish. This is another low level. Short time frame bearish confirmation below $22,000. The main target remains at $15,800-16,200.
Source: Capo / TwitterThe analyst concludes by plotting five Elliot Wave metrics dating back to the beginning of the year. The metric shows it will be one final foot lower between now and September. Capo expresses this situation as follows:
This upward movement shows all the characteristics of the 4th wave. Corrective action creates hidden bearish divergences. Wave 5 is missing.
Source: Capo / TwitterA technical analysis approach, Elliott Wave theory follows crowd psychology, which tends to manifest in waves. In this way, it tries to predict future price movements. According to the theory, an asset goes through five wave cycles before a major market reversal.
“Potential long-term space approaching in Bitcoin”
Bitcoin (BTC) is struggling to keep its head above $23,000 in seemingly positive events for the overall cryptocurrency market. Popular crypto analyst Michaël van de Poppe has identified a potential long-term area in the upcoming Bitcoin. The analyst explained this in a chart showing his analysis on Twitter on July 21. According to Van de Poppe’s analysis, the area that investors should watch out for is around $22,164.
Bitcoin price analysis / Source: Michael van de Poppe
Meanwhile, the ECB raised interest rates 0.5% in the euro area for the first time in 11 years. That’s because rising inflation has become a primary concern for central bankers. As a result of these interest rate hikes, the Bitcoin price dropped by almost 5%. Some analysts see BTC price dropping as possible if it fails to break above the 200-week Moving Average. Therefore, those who believe that it can drop below the $22,000 support level prefer to short Bitcoin. Meanwhile, other factors that could affect the Bitcoin price in either direction include Tesla’s sale of $936 million worth of Bitcoin.
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