A very popular cryptocurrency analyst, who knew about the recent crash, evaluated the price of Bitcoin. According to him, BTC risks losing an important support level. The analyst warns that if the leading crypto loses this support, the price could collapse. He says that if the support collapses, a drop of over 30% from the current price is possible. If this happens, a new bottom will appear in Bitcoin.
“If Bitcoin loses support, it will crash by 30 percent”
Cryptocurrency analyst Capo, nicknamed Capo, shared his new predictions about the price of Bitcoin. The analyst warned his 517,100 Twitter followers of a new BTC price collapse. According to him, BTC’s most negative price target means a drop of 21% to 31%. If this scenario happens, the price of the leading cryptocurrency will fall as low as $16,000 to $14,000. Capo also informs his followers that Bitcoin can jump from current levels to $ 23,000.
However, he adds that the largest crypto asset by market cap will drop after $23,000. According to him, BTC will drop to the support level of $19,000 after reaching $23,000. Also, the loss of this support will put the aforementioned lows among the possibilities. If support is lost, BTC will make a new low between $16,000 and $14,000. Cryptocurrency analyst Capo, who is famous for knowing about the recent crash, said:
“The current pivot is $21,000. Waiting for a clean break down below. Next, $19,000 will come. If $19,000 is also broken, the final bottom will be towards the main bearish target of $14,000 to $16,000. It is possible for BTC to go up to $23,000 to smash early shorts. But overall I am not on the rise.”
“Every bounce in BTC price is an opportunity to sell”
It fell by about 10% from the high that Bitcoin reached in August. However, Capo says that the leading cryptocurrency could bounce to a resistance area located between $22,500 and $23,000. He also adds that he will receive an excellent rejection from this resistance zone. The analyst states that for now, every BTC bounce is a short opportunity for investors. Capo said:
I expect excellent rejection from the $22,500 to $23,000 resistance zone in BTC. For now, it continues to sit in the support zone. We may see a bounce for a lower top in the coming days. Also, we could see a quick reversal to the $23,000 level. However, this bounce will not eliminate the downtrend. Every bounce is an opportunity for the shorts.”
He correctly predicted the last Bitcoin crash
Capo became famous for his Bitcoin predictions that turned out to be accurate in the cryptocurrency space. As Cryptokoin.com previously reported, the analyst predicted a BTC price collapse in March of 2022. Capo predicted that BTC would see below the $23,000 level. BTC, which was trading at $ 40,000 at the time, fell to the level of $ 18,000 a few months after the forecast.
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