Crypto Trader Who Warned Bitcoin Would Break Under $ 30K, Now Predicts New 52-Week Low

Pseudonymous crypto trader Capo says that Bitcoin BTC / USD is poised to hit a new 52-week low as another sell-off event is insight.

The prediction comes as the crypto market is showing signs of weakness, and as Bitcoin has managed to trade above $ 28,400, slightly higher than its 52-week low of $ 26,910.

Capo has warned that the support area around $ 28,000 is flashing signs of demand exhaustion, as BTC has revisited the price level six times quickly.

“Almost the entire market except BTC has made a new low after yesterday’s bounce, showing that it was a bull trap. BTC new low incoming, ”he said.

Once Bitcoin takes out its immediate support, Capo predicts a sharp decline to its bear market target of between $ 21,000- $ 23,000.

Also Read: Billionaire Mike Novogratz Says Bitcoin Will Lead Next Rally: Here’s Why

Earlier this month, the crypto strategist accurately predicted that Bitcoin would take out the key psychological price level of $ 30,000.

Capo said, “BTC broke the $ 30,000 support zone, which was the main pivot of the bull run. This is a zone, not a level. It’s between $ 29,000- $ 31,000, taking all the wicks. Now it’s testing that zone as resistance. ”

Capo also highlights that Bitcoin has broken down from a bear flag and is en route to its bear market target.

“The minimum target of the bear flag has not yet reached $ 23,000. You can also see this on altcoins, where some of the main targets have not been reached yet, ”he added.

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