A widely followed crypto analyst is warning his followers that Bitcoin (BTC) could drop further. The analyst also examines the status of the leading altcoin Ethereum (ETH).
What do Capo’s Bitcoin analysis results show?
Analyst nicknamed Crypto Capo says BTC chart analysis is good news for Bitcoin bears and bad news for bulls. You can check the accurate predictions of the analyst, also known as the crypto prophet, from this article of Kriptokoin.com. In this direction, the analyst uses the following statements:
No, this is not an uptrend.
Source: CryptoCapo_/Twitter Capo points to a chart he shared on May 2 this year. In this way, he clarifies his comments. In addition, the analyst asked his followers, “How long do you think the rising BTC channel support will last?” he asks.
Source: CryptoCapo_/Twitter Now Capo believes his May predictions will hold water as Bitcoin becomes liquid. Capo thinks that the imminent price drop of BTC could bring the leading crypto asset down to the $22,000 range by market cap. In this context, the analyst says:
This idea remains the same.
Source: CryptoCapo_/Twitter Bitcoin was trading at $30,321 at the time of writing. Therefore, a pullback to the $21,865 price target highlighted by Capo would represent a 27% drop.
Capo also thinks that the ‘last leg’ for Bitcoin could start from today. He bases his analysis on fractals and Fibonacci time extensions, which are mathematical technical analysis tools. As is known, traders use these tools to predict price targets. As a result of his analysis, Capo evaluates:
Based on fractals and Fibonacci time extensions, the final step (capitulation) can begin today. All that range is pure noise to trap more long pieces.
“Once ETH drops below this critical level, real capitulation will begin”
He says he can pass. Accordingly, the analyst states that when ETH breaches the $1,700 support, its price will drop significantly. In summary, Capo says:
When ETH breaks $1,700, real capitulation begins.
Meanwhile, Ethereum is trading at $1,811 at the time of writing. However, Capo says that once the $1,700 support level collapses, Ethereum could drop to a low of $1,000. This figure also marks a drop of over 40% from the current level of ETH. The analyst explains:
ETH low timeframe. It has always touched the lower levels and this support many times already. It will confirm a clean break and final leg cut of $1,700 with the main target of $1,000.
Source: CryptoCapo_/Twitter Last week, the analyst stated that Ethereum’s support level of around $1,700 is holding up to pressure five times. In this regard, the analyst said:
Serious question: Do you really think this level will hold ETH? This is already the sixth touch.
Source: CryptoCapo_/Twitter 
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