The crypto analyst who predicted Bitcoin (BTC) would crash this year is revealing what he thinks will be the bottom price for the benchmark cryptocurrency.
The pseudonymous crypto trader Capo tells his 319,300 Twitter followers he expects Bitcoin to plunge further as the crypto asset drops below the key support level.
“BTC – Some of the reasons why I think we should see new lows in the coming days:
BTC broke the $30,000 support zone, which was the main pivot of the bull run. This is a zone, not a level. It’s between $29,000-$31,000, taking all the wicks. Now it’s testing that zone as resistance.”
The analyst says that Bitcoin could drop to as low as $21,000 before it will go up. At time of writing, Bitcoin is trading for $29,695.
Capo has a similar forecast for altcoins, which he expects to fall by another 40% to 50% in the next few days.
“The minimum target of the bear flag hasn’t been reached yet ($23,000). You can also see this on altcoins, where some of the main targets haven’t been reached yet.”
The trader says that the prices of crypto assets will bounce back after hitting the lows, but he remains pessimistic about the bear market ending soon. He recently said that altcoins may not set new highs until after the Bitcoin halving in 2024.
“I expect a good recovery after this last leg down (100-500% bounces depending on the coin), but later this year we could see the continuation of the bear market. Not expecting new ATHs until mid-late 2024 (post next halving).”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/FOTOGRIN