A cryptocurrency strategist and a closely-tracked trader warns bitcoin holders that bitcoin is poised to reach a new 52-week low.
nickname dealer capo Says His 322,300 followers on Twitter are following him another sell-off event on the horizon for Bitcoin as the cryptocurrency markets continue to show signs of weakness.
“Almost the entire market except for BTC made a new low after yesterday’s bounce, which indicates that it was in fact a bull trap. New incoming BTC low.”
During the past seven days, Bitcoin It managed to trade above $28,400, slightly above the 52-week low of $26,910. However, Capo warns that the support area around $28,000 is showing signs of exhaustion in demand as BTC has revisited the price level six times in a short period of time.
“Nothing upside here. This support will not last long.”
Once Bitcoin gets its immediate support, Capo anticipates a sharp drop to the bearish market target of $21,000-$23,000.
Earlier this month, a crypto strategist accurately predicted that Bitcoin would do just that Get out Key psychological price level of $30,000 and a statement His thesis on why he thinks BTC is likely to print to a new annual low.
BTC – some reasons why I believe we will see new lows in the coming days:
BTC broke the $30,000 support area, which was the main focus of the bullish path. This is an area, not a level. They range in price from $29,000 to $31,000, all wicks taken. Now that area is being tested as resistance.”
Capo also highlights that bitcoin has collapsed from a bear flag and is now on its way to a bearish market target.
“The minimum target for the bear flag has yet to be reached at $23,000. You can also see this on altcoins, where some of the key targets have not been reached yet.”
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