Home Crypto Trader Who Nailed Steep Bitcoin Correction Issues Fresh Warning on BTC Price

Trader Who Nailed Steep Bitcoin Correction Issues Fresh Warning on BTC Price

A preferred crypto strategist and dealer who precisely referred to as the newest Bitcoin correction says his bear case stays legitimate until BTC can get well a vital degree.

The analyst, pseudonymously often known as Capo, tells his 154,200 Twitter followers that Bitcoin’s present market construction resembles its worth motion in April when BTC topped out above $60,000 earlier than igniting a pointy 50% correction.

“It appears to be like similar to the $64,000 prime.”

Source: Capo/Twitter

Late final month, when Bitcoin was buying and selling near $50,000, Capo predicted a steep correction that would ship the main cryptocurrency all the best way all the way down to $37,000.

“The low timeframe bullish market construction is damaged. Expecting a decrease excessive (lifeless cat bounce) from right here, however then additional drop to $37,000-$40,000, which might be an excellent purchase alternative for the long-term.”

Source: Capo/Twitter

With Bitcoin at the moment buying and selling round just under $47,000, the crypto strategist believes that BTC can nonetheless ignite the following leg of its downtrend until it recovers a key assist degree.

“Now, if it will get again beneath the higher blue line, the bearish state of affairs would nonetheless be legitimate. Fundings make me assume that is going to be a deviation.”

Source: Capo/Twitter

According to Capo’s chart, a bullish state of affairs for Bitcoin entails a transfer above the $50,000 resistance and flipping it into assist. However, ought to Bitcoin transfer beneath assist at $46,000 and retest it as resistance, the main cryptocurrency can drop all the best way all the way down to $37,000.

Don’t Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are usually not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet online affiliate marketing.

Featured Image: Shutterstock/shufilm

- Advertisment -

Most Popular