Pseudonymous crypto dealer Capo says that Bitcoin BTC/USD is poised to hit a brand new 52-week low as one other sell-off occasion is perception.
The prediction comes because the crypto market is displaying indicators of weak spot, and as Bitcoin has managed to commerce above $28,400, barely greater than its 52-week low of $26,910.
Capo has warned that the help space round $28,000 is flashing indicators of demand exhaustion, as BTC has revisited the worth stage six instances shortly.
Nothing bullish right here. That help will not maintain for lengthy. pic.twitter.com/dXHuG9E9IJ
— il Capo Of Crypto (@CryptoCapo_) May 27, 2022
“Virtually all the market besides BTC has made a brand new low after yesterday’s bounce, displaying that it was a bull entice. BTC new low incoming,” he stated.
As soon as Bitcoin takes out its fast help, Capo predicts a pointy decline to his bear market goal of between $21,000-$23,000.
Additionally Learn: Billionaire Mike Novogratz Says Bitcoin Will Lead Next Rally: Here’s Why
Earlier this month, the crypto strategist precisely predicted that Bitcoin would take out the important thing psychological value stage of $30,000.
Why do I believe the 30k stage will not maintain?
-It has been examined many instances, so it is weaker now. That is the fifth check
-There’s not sufficient demand at this stage (heatmaps show this)
-It comes from a deviation from the vary excessive + bear flag
-Promoting strain continues to be excessive pic.twitter.com/pTGtsobtqv
— il Capo Of Crypto (@CryptoCapo_) May 10, 2022
Capo stated, “BTC broke the $30,000 help zone, which was the primary pivot of the bull run. This can be a zone, not a stage. It’s between $29,000-$31,000, taking all of the wicks. Now it’s testing that zone as resistance.”
Capo additionally highlights that Bitcoin has damaged down from a bear flag and is en path to his bear market goal.
“The minimal goal of the bear flag hasn’t been reached but $23,000. You can too see this on altcoins, the place among the predominant targets haven’t been reached but,” he added.