A closely followed Bitcoin and altcoin strategist continues his bearish calls. The analyst expects another big sell-off in the largest cryptocurrency, Bitcoin, noting that it is almost time for it. Apart from Bitcoin, the analyst cites popular altcoins Ethereum, Solana and THORChain (RUNE). Here are the details…
Analyst: It’s time to collapse for Bitcoin
Analyst Capo, who came to the agenda with various altcoin predictions that turned out to be correct, as we reported on Kriptokoin.com, while BTC bears continue to pile up big sell orders above $ 29,000. He said that the $28,000 demand for Bitcoin is nearly exhausted. Noting that there is a sales demand of 5,000 BTC, the analyst thinks that if the $28,000 level is retested, the bulls will sell and uses the following expressions:
There are 5,000 BTC there. The request is over. Once $28,000 is retested, we may see the bulls capitulate.
Capo also suggests that Bitcoin has now tested support around $28,000 seven times in a little over two weeks, and the key level is poised to collapse. “It’s time,” he warns investors. Capo’s forecast previously stood at $23,000-21,000 lows. At the time of writing, BTC is changing hands at just below $29,000.
What are the prospects for Ethereum, SOL and RUNE?
Looking at Ethereum, the largest altcoin by market cap, Capo warns that ETH could fall as low as $1,000 if it gains support at $1,700. Next, Capo talked about smart contract platform Solana, which he says risks losing half of its value if it gets support at $40. He cites the $20-25 level as key support levels for Solana. At the time of writing, SOL is trading above $40.
Capo also closely follows THORChain (RUNE), a decentralized exchange protocol. According to the crypto strategist, RUNE has dropped below the cross support and is moving towards its target of $1.79, which is about 30 percent below its current price of $2.50.
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