A closely followed cryptocurrency strategist who accurately predicted a Bitcoin correction below $30,000 says it is almost time for BTC to crash to new lows in 2022.
Analyst pseudonym Capo tells his 425,900 Twitter followers that a higher crypto asset by the inability of the market to stay above the key psychological price region of $20,000 indicates that another sell-off is imminent.
“It’s time…that’s exactly what happened. Support coup resistance, another bull trap. Strong rejection and straight to new lows.”
Capo says bitcoin looks poised to drop below its annual low of around $17,600.
“BTC: A more accurate forecast roadmap for potential local bottom formation around $16,000.”
Based on Capo’s chart, Bitcoin is expected to briefly correct below $16,000 before launching a sharp rally above $20,000 and reclaiming the price level as support.
Capo also adds that the expected BTC correction could lead to a significant drop in the value of the altcoin markets.
“We expect a 45-50% drop on altcoins from current prices.”
Capo, who was bearish On crypto king since April when it traded close to $50,000, Says He will join the ranks of the BTC bulls as soon as he hits the bottom.
“I have become the nightmare of the bulls, but soon I will be the nightmare of the bears.”
Bitcoin Changes of hands are priced at $19,170 at the time of writing.
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