A widely followed pseudonymous crypto analyst is warning followers Bitcoin (BTC) may have further to fall.
Trader Crypto Capo tells his 337,200 Twitter followers that his BTC chart analysis indicates good news for Bitcoin bears but bad news for the bulls.
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“No, this is not bullish.”
Capo clarifies his comments by referring to a chart he shared on May 2 of this year, asking his followers, “how long do you think the ascending [BTC] channel support will hold?”
Now, Capo believes his predictions from May will hold water as Bitcoin becomes liquid. Capo thinks BTC’s imminent price drop could bring the leading crypto asset by market cap down to the $22,000 range.
“This idea remains the same.”
With Bitcoin trading for $30,321 at time of writing, a drop to Capo’s highlighted price target of $21,865 would represent a 27% decrease in BTC’s price.
The trader also believes “the last leg down” for Bitcoin could begin as soon as today. He bases his analysis on fractals and Fibonacci time extensions, mathematical technical analysis tools that are useful for helping traders predict price targets.
“Based on fractals and Fibonacci time extensions, last leg down (capitulation) could start today.
All this range is pure noise to trap more longs.”
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