A closely tracked crypto strategist who accurately predicted Bitcoin’s correction below $30,000 says that it’s almost time for BTC to collapse to fresh 2022 lows.
Pseudonymous analyst Capo tells his 425,900 Twitter followers that the top crypto asset by market cap’s inability to stay above the key psychological price area of $20,000 suggests that another sell-off event is imminent.
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“It’s time… This is exactly what has happened. Support to resistance flip, another bull trap. Strong rejection and straight to new lows.”
Capo says Bitcoin looks poised to dip below its yearly low of around $17,600.
“BTC: more accurate projected roadmap for the potential local bottom formation around $16,000.”
Based on Capo’s chart, he expects Bitcoin to briefly correct below $16,000 before launching a sharp rally above $20,000 and reclaiming the price level as support.
Capo also adds that his expected BTC correction could bring about a massive devaluation in the altcoin markets.
“Expecting 45-50% drop on altcoins from current prices.”
Capo, who has been bearish on the king crypto since April when it was trading close to $50,000, says that he will join the ranks of BTC bulls once the bottom is in.
“I have become the nightmare of the bulls, but soon I will be the nightmare of the bears.”
Bitcoin is changing hands at $19,170 at time of writing.
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Featured Image: Shutterstock/Swill Klitch/Sensvector
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