Crypto Trader, which warned Bitcoin would break below $ 30K, now predicts a new 52-week low
The pseudonymous crypto dealer Capo says so Bitcoin BTC / USD is ready to reach a new 52-week low as another sales event is insight.
The prediction comes as the crypto market shows signs of weakness, and as Bitcoin has managed to trade above $ 28,400, slightly higher than its lowest 52-week high of $ 26,910.
Capo has warned that the support area around 28,000 dollars is flashing signs of exhaustion of demand, as BTC has returned to the price level six times quickly.
[ads1]3;
Nothing bullish here. That support does not last long. pic.twitter.com/dXHuG9E9IJ
– Chief of Crypto (@CryptoCapo_) May 27, 2022
“Almost the entire market except BTC has set a new low after yesterday’s bounce, showing that it was a bull trap. BTC new low incoming,” he said.
When Bitcoin takes out its immediate support, Capo predicts a sharp drop to its bear market target of between $ 21,000- $ 23,000.
Read also: Billionaire Mike Novogratz says Bitcoin will lead the next rally: Here’s why
Earlier this month, the crypto strategist accurately predicted that Bitcoin would take out the central psychological price level of $ 30,000.
Why do I think the 30k level does not hold?
-It has been tested many times, so it is weaker now. This is the 5th test
-There is not enough demand at this level (heat map shows this)
-It comes from a deviation from the range high + bear flag
-Selling pressure is still high pic.twitter.com/pTGtsobtqv
– Chief of Crypto (@CryptoCapo_) May 10, 2022
Capo said: “BTC broke the $ 30,000 support zone, which was the main point of the bull run. This is a zone, not a level. It is between $ 29,000- $ 31,000, taking all the weeks. Now it is testing the zone as resistance.”
Capo also highlights that Bitcoin has broken down from a bear flag and is on its way to its bear market goal.
“The minimum target for the bear flag has not yet been reached $ 23,000. You can also see this on altcoins, where some of the main targets have not yet been reached,” he added.
