A broadly adopted pseudonymous crypto analyst is warning followers Bitcoin (BTC) might have additional to fall.
Dealer Crypto Capo tells his 337,200 Twitter followers that his BTC chart evaluation signifies excellent news for Bitcoin bears however dangerous information for the bulls.
“No, this isn’t bullish.”
Capo clarifies his feedback by referring to a chart he shared on Might 2 of this yr, asking his followers, “how lengthy do you suppose the ascending [BTC] channel assist will maintain?”
Now, Capo believes his predictions from Might will maintain water as Bitcoin turns into liquid. Capo thinks BTC’s imminent worth drop might deliver the main crypto asset by market cap all the way down to the $22,000 vary.
“This concept stays the identical.”
With Bitcoin buying and selling for $30,321 at time of writing, a drop to Capo’s highlighted worth goal of $21,865 would signify a 27% lower in BTC’s worth.
The dealer additionally believes “the final leg down” for Bitcoin might start as quickly as right this moment. He bases his evaluation on fractals and Fibonacci time extensions, mathematical technical evaluation instruments which are helpful for serving to merchants predict worth targets.
“Primarily based on fractals and Fibonacci time extensions, final leg down (capitulation) might begin right this moment.
All this vary is pure noise to entice extra longs.”
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