A closely watched cryptocurrency strategist and trader warns Bitcoin holders that BTC is poised to hit a new 52-week low. Fake trader Capo told his 322,300 Twitter followers that another selling event is looming for Bitcoin as the crypto markets continue to show signs of weakness.
Capo points out the bull trap in Bitcoin (BTC)
In the last seven days, Bitcoin has managed to trade above $28,400, below the 52-week low of $26,910. However, Capo warns that the support area around $28,000 is showing signs of demand exhaustion, as he revisits the BTC price level six times in a short time, and uses the following expressions:
Nearly the entire market, excluding BTC, was yesterday’s. made a new low after the bounce, showing that it was actually a bull trap. BTC hits new low. There is nothing rising here. This support will not last long.
After receiving Bitcoin support, Capo predicts a sharp drop in bear market target of $21,000-23,000. Earlier this month, the crypto strategist correctly predicted that Bitcoin would hit the key psychological price level of $30,000 and explained his thesis on why he believes BTC will likely hit a new year low.
Is there a drop for Bitcoin in the coming days?
As Cryptokoin.com has previously reported, the analyst, who is known as the “altcoin prophet” by making correct predictions on various altcoins, uses the following expressions that we will see new decreases in BTC in the coming days:
BTC broke the $30,000 support zone, which is the main axis of the bull run. This is a region, not a level. It’s between $29,000-31,000 buying all the wicks. It is now testing that area as resistance.
Capo also highlights that Bitcoin has left a bear flag and is now on its way to its bear market target. “The bear flag’s minimum target of $23,000 has not yet been reached. You can also see this in altcoins where some of the main targets have not yet been reached,” he says.
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