A cryptocurrency strategist and a closely followed trader warns Bitcoin holders that BTC is poised to reach a new 52-week low.
nickname dealer capo Tells Of his 322,300 Twitter followers, another selloff is on the horizon for Bitcoin as cryptocurrency markets continue to show signs of weakness.
“Almost the entire market except for BTC hit a new low after yesterday’s bounce, which indicates that it was actually 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 major targets have not been reached yet.”
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