Trader Who Accurately Called Bitcoin Plunge Below $23,000 Updates Crypto Forecast


A popular crypto trader who has long predicted a Bitcoin nosedive below $23,000 is updating his forecast now that his initial target has been hit.

The pseudonymous analyst who goes by the name Capo is confident that BTC will at some point plunge to the bottom of his target range, which is at $21,000.

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“Important: Now that the market is moving more aggressively is when emotions start to show strongly.

Therefore:

– Stick to the main targets, even if you see a wick below. They should hold on a high time frame close.
– Don’t let panic influence your decisions. Avoid reading news.”

Over the weekend, Capo warned that Bitcoin’s brief rally from $27,500 to $28,228 would trap traders who were overly bullish on BTC.

Source: CryptoCapo_/Twitter

Capo says he’s looking for the altcoin market as a whole to continue suffering a larger percentage breakdown than BTC.

He has routinely updated his altcoin targets amid Monday’s market meltdown, and appears to be getting close to his overall downside range.

Bitcoin is down 16.8% at time of publishing, at $23,392. In the last 24-hours, BTC sank as low as $22,819.

Related:  Bitcoin Has Room to Drop to $12,500: Fundstrat

Meanwhile, Ethereum is down 21.3% at $1,239, after hitting a 24-hour low of $1,182.

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Featured Image: Shutterstock/Tithi Luadthong/AM511




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