A closely watched crypto strategist who correctly predicted Bitcoin’s correction below $30,000 says it’s time for BTC to drop to 2022 lows.
The pseudonymous analyst Capo told his 425,900 Twitter followers that the leading crypto asset’s inability by market cap to sustain above the key psychological price zone of $20,000 suggests that an event Another sell-off is imminent.
“The time has come… This is exactly what happened. Support for resistance flips, another bull trap. Strong and straight rejection to new lows. “
Capo says Bitcoin looks poised to drop below yearly lows around $17,600.
“BTC: more accurate projected route for a potential local bottom around $16,000.”
Based on Capo’s chart, he expects Bitcoin to quickly correct below $16,000 before launching a strong rally above $20,000 and regaining the price as support.
Capo also added that his expected BTC correction could lead to a massive devaluation in the altcoin market.
“It is expected that altcoin prices will drop between 45-50% from current prices.”
Capo, who used to discount on the king of crypto since April when it traded close to $50,000, speak that he will join the ranks of BTC bulls once the bottom has been reached.
“I’ve become a bull’s nightmare, but soon I’ll be a bear’s nightmare.”
Bitcoin is changing hands at $19,170 at the time of writing.
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